Why Royal Gold, Whiting Petroleum, and PagSeguro Digital Slumped Today
Tuesday was a strong day on Wall Street as market participants were pleased to see the beginning of third-quarter earnings season go well. Investors woke up to encouraging gains in several key sectors, including financials and healthcare. Moreover, on the trade front, relations between the U.K. and the European Union appeared to improve, raising hopes for a favorable end to the Brexit crisis. Yet some stocks weren't able to benefit from the positive sentiment. Royal Gold (NASDAQ: RGLD), Whiting Petroleum (NYSE: WLL), and PagSeguro Digital (NYSE: PAGS) were among the worst performers. Here's why they did so poorly.
Shares of Royal Gold fell 7% after the gold-streaming company announced some new executive appointments. Mark Isto will assume the role of COO, and Paul Libner will become CFO. The move follows Royal Gold's announcement late last month that former CFO William Heissenbuttel will become CEO. Also contributing to the downbeat mood was a poor day for the precious metals markets, which included a $13 drop in the price of gold to around $1,480 per ounce and even larger percentage declines in the silver market. Royal Gold doesn't mine precious metals, but it relies on strong pricing, and a calmer stock market has generally put pressure on gold and silver prices recently.
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Source Fool.com
