NEM stock is materially lower year-to-date along with the rest of the gold mining group. Gold prices have been flatlining for weeks, but with Friday’s post-Japan-QE rally in stocks, they sold off more, and now the metal is lower on the year. However, NEM stock looks increasingly oversold and ripe for a bounce.
Specifically, Newmont Mining reported net income of $213 million, significantly lower than the year-ago period’s $398 million. Still, the per-share figure of 50 cents trounced the average analyst estimate for 16 cents. Meanwhile, sales dropped from $2.02 billion to $1.75 billion, while the company’s gold producing or “sustaining” costs in the quarter dropped from $1,018 per ounce down to $995. (more)
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