Movement Alert|Newmont Mining Rises 3.09% Overnight, Pre-Earnings Optimism and Gold Price Strength Continue to Fuel Rally

Market Focus
Jul 22

On July 22, Newmont Mining rose 3.09% overnight, trading at $95.32/share, with turnover of $2.93 million. The rally comes as the company is set to report Q2 earnings on July 23 after market close, with strong market consensus expectations and supportive gold prices driving bullish sentiment.

On the news front, market consensus projects Newmont's quarterly revenue at $64.06 billion, representing a 30.50% year-over-year increase. Adjusted earnings per share are expected at $2.09, up 77.43% YoY, while EBIT is forecast at $31.99 billion, a 56.10% surge. Analysts emphasize the profit elasticity stemming from higher gold price levels and recovering production volumes. Additionally, spot gold has broken above $4,100 after U.S. June CPI data came in below expectations, further supporting the precious metals sector. TD Cowen recently upgraded Newmont to Buy, while Barclays maintains an Overweight rating with a $125 target.

Within the Gold sector, peers also traded higher: Pan American Silver up 2.03%, Barrick Mining up 1.90%, Coeur Mining up 1.83%, Agnico Eagle Mines up 1.57%, and Wheaton Precious Metals up 1.17%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10