Newmont Corporation, the world's largest gold miner, significantly exceeded Wall Street's profit estimates for the first quarter of 2024, driven by robust production levels. The company's stock initially surged by 5.5% and later reached gains between 10.5% and over 13%, marking its best earnings reaction day since at least 2001. Despite Newmont's strong performance, the broader gold mining sector did not share in the gains, with many stocks still trading down or showing minimal positive movement.
Changing times for the long-suffering gold miners. Newmont, largest gold miner in world (& only one in S&P 500) blows-out estimates this A.M. (+53% above analysts' consensus). NEM's stock jumps 12.5% today. Agnico Eagle (3rd largest gold miner, #2 in market cap.) tonight reported…
Wonder of wonders. Miracle of miracles. Newmont is up more than 13% today on earnings news. Who would have guessed a huge run up in the gold price would help a gold mining company beat the number? AEM tomorrow (the best of the bunch). $SA @pboockvar @goldseek @PeterNBell
Newmont is up over 13% in reaction to earnings for its best day since 4/9/20 and its best earnings reaction day since at least 2001. $NEM
Great earnings from gold miner Newmont $NEM Druck laughing all the way to the bank https://t.co/I6wGgZgC7e
Gold miner $NEM finally moving up 10%! One bad metric but everything else looks positive! https://t.co/kYxLY2OVne
Newmont Mining is now up 10.5% following better than expected earnings, but the rest of the mining sector is barely positive, with many stocks still trading down. It's as if good news from $NEM has no positive implications for the rest of the sector! Wall Street is still asleep.
Normally when a stock reports much better than expected earning, other stocks in the same industry also rise on the good news. But since sentiment is so negative in #gold mining stocks, even though $NEM is up 5.5% today on an earnings beat, the rest of the sector is selling off.
Newmont beats quarterly profit estimates on higher production https://t.co/45bwRNOQg8 https://t.co/6v2HLCCnTQ
$NEM (+3.6% pre) Newmont Reports First Quarter 2024 Results https://t.co/vvCHeC71G6
⚠️ NEWMONT BEATS QUARTERLY PROFIT ESTIMATES Full Story → https://t.co/38OY5sxcq7 Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world's largest gold miner benefited from strong production.