Why AngloGold Ashanti Rallied Today
Shares of gold miner AngloGold Ashanti (NYSE: AU) rallied 6.1% on Tuesday as of 12:23 PM EDT.
The gold mining stock released third-quarter earnings this morning. While revenue actually slightly missed expectations, and earnings per share only met expectations, the stock rallied on solid production numbers and excellent cost control. Gold prices were little changed on the day, hovering just a bit below last month's all-time highs.
AngloGold shares had sold off in the weeks leading up to earnings as investors booked profits after a monster gain this year. Therefore, the results, which were strong in and of themselves even if not quite matching high analyst expectations, enabled shares to bounce back to highs last seen a month ago.
Source Fool.com
