Why Newmont Stock Fell in a Ditch Today, Dropping as Much as 14%
Shares of precious metals producer Newmont Goldcorp (NYSE: NEM) fell dramatically on Monday, dropping by nearly 15% at roughly 2:30 p.m. ET. The big news was the company's second-quarter 2022 earnings update, which hit the market today. Investors were not pleased with what the company had to say.
There was some good news in the second-quarter numbers. For example, gold equivalent production was higher by 3% year over year. The company was also able to sell its products for slightly higher prices, achieving a per-ounce gold sales price of $1,836 in the second quarter of 2022 versus $1,823 in the same quarter last year.
That said, there was a sequential decline in the realized price from the first quarter, but, to be fair, there's not much the company can do about commodity prices. At the end of the day, the top line was roughly in line with Wall Street expectations.
Source Fool.com
