Why Pretium Resources Stock Rocketed 25% in the First Half Hour on Aug. 6
Shares of Canadian gold and silver miner Pretium Resources (NYSE: PVG) started trading off on Aug. 6 about 10% higher than they had closed the day before. Then they went even higher, hitting a roughly 25% gain by 10 a.m. EDT. The big news for the day was the company's earnings report, which, as the price action suggests, was pretty good.
Pretium's top line increased nearly 50% in the second quarter of 2020 compared to the same period in the prior year. Earnings, meanwhile, tripled to $0.18 per share from $0.06 per share in the second stanza of 2019. Adjusted earnings, which takes out one-time items, were even better, chiming in at $0.26 per share, up from $0.09 in the previous year. It makes sense that investors were, to understate things a little, upbeat about the company's stock following numbers like that.
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Source Fool.com
