Why Newmont Corp. (NEM) Surged On Thursday?
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We recently published a list of These 10 Stocks Defied Thursday’s Slump. In this article, we are going to take a look at where Newmont Corp. (NYSE:NEM) stands against other stocks that defied Thursday’s slump.
The stock market ended in the red territory anew on Thursday following a fresh wave of uncertainties and reports of a looming government shutdown that rattled investors.
The Dow Jones dropped by 1.30 percent, while the S&P 500 and Nasdaq declined by 1.39 percent and 1.96 percent, respectively.
Meanwhile, investors took refuge in 10 companies, predominantly mining firms, to mitigate the risks from the macroeconomic threats.
In this article, we have listed the 10 strongest stocks and detailed the reasons behind their performance.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in trading volume.
A gold mine entry with a conveyor belt transporting minerals from the depths of a shaft.
Newmont Corp. grew its share prices by 4.63 percent on Thursday—a third day—to end at $45.65 apiece as the stock benefitted from the continued investor interest in mining companies.
NEM, a US-based miner of gold and other precious metals, traded higher in line with the rising gold prices on Thursday, which was nearing the $3,000 mark.
The rally shunned news of a new class action lawsuit against the company over claims of securities fraud.
According to the complaint, NEM published a press release in October last year announcing disappointing EBITDA third quarter 2024 highlights, in addition to decreases in production and increases in operating costs. Additionally, NEM revealed that mining operations at its two Tier 1 assets would see lower production than originally guided with expectations of higher costs at these facilities.
Following the news, NEM’s stock price fell from a closing market price of $57.74 per share on October 23, 2024, to $49.25 per share on October 24, 2024.
Overall, NEM ranks 6th on our list of stocks that defied Thursday’s slump. While we acknowledge the potential of NEM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NEM but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires
Disclosure: None. This article is originally published at Insider Monkey.
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