Why Shares of Hecla Mining, MAG Silver, and Sibanye Stillwater Are Plummeting This Week
It's been a relatively uneventful few days for the S&P 500 overall. Since the end of trading last Friday, the index has fallen less than 0.1%. Precious metals stocks, on the other hand, have experienced a much wilder ride. Between earnings reports and the market price of silver falling, shares of Hecla Mining (NYSE: HL), MAG Silver (NYSEMKT: MAG), and Sibanye Stillwater (NYSE: SBSW) have all suffered steep declines over the past week.
From the close of trading last Friday to 11:28 a.m. ET today, shares of Hecla Mining have fallen 13.4%, while MAG Silver and Sibanye Stillwater have dropped 13.2% and 18.7%, respectively.
Narrowly beating analysts' estimate of $198.4 million, Hecla Mining reported first-quarter 2023 revenue of $199.5 million on Wednesday. Investors were likely more fixated on the bottom of the income statement, where the company reported adjusted earnings per share of $0.01 -- lower than the $0.02 that analysts had expected.
Source Fool.com
