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First Set of Gold “Majors” Report Earnings | The Mesh Report

First Set of Gold “Majors” Report Earnings

Mike Hammer October 27, 2016 0

So it’s now Thursday (early!) morning and the first five big gold miners have reported. Here they are, with their earnings report in USD per share (+ means profit, – means loss):

Tuesday 10/25 before the open
Freeport McMoran (FCX) +$0.13, six cents lower than expected

Weds 10/26 after the close
Agnico-Eagle Mines (AEM) +$0.25, seven cents higher than expected
Barrick Gold (ABX) +$0.24, four cents higher than expected
GoldCorp (GG) +$0.07, four cents lower than expected
Newmont Mining (NEM) +$0.38, eleven cents lower than expected

So somewhat of a mixed bag. Interestingly, after their lower-than-expected profit, FCX popped up to 11.00 in the first half-hour of trading Tuesday before settling down to close at 10.58. That was still 40 cents higher than the closing price on Monday. So it looked like it might be full steam ahead for the sector – after all, rising on a low report is a sign of investor confidence, right?

Well, maybe. The market is yet to open today (Thurs 10/27/2016), but after-hours action yesterday appears mixed. The good-reporters are up slightly (AEM, ABX), the bad reporters are down, GG slightly, NEM moreso.

Does this mean they’ll keep going in their respective directions?

ABSOLUTELY NOT!

Continue Reading At The Gold Enthusiast



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