MDR - Why Coeur Mining Lannett and McDermott International Slumped Today
Wednesday was a good day on Wall Street, as major benchmarks gained as much as 1%. Investors still have a lot to think about when it comes to various macroeconomic and geopolitical pressures, but some progress on the trade front seemed to calm the markets even amid a potential impeachment of President Trump. Some companies had to deal with challenges that sent their share prices lower. Coeur Mining (NYSE: CDE), Lannett (NYSE: LCI), and McDermott International (NYSE: MDR) were among the worst performers. Here's why they did so poorly.
Shares of Coeur Mining fell 9% on a bad day for the precious metals markets. Coeur mines a lot of silver, and silver prices were weak today, dropping about 4% to fall below the $18-per-ounce mark. Lately, precious metals have done well when the broader stock market has struggled, and so today's boost of confidence for stock investors led to some selling for gold and silver stocks. Yet operationally, Coeur has a lot going for it, and it's been in a great position to capture the uptick in silver prices that has happened over much of 2019. Nevertheless, shareholders should expect Coeur stock to remain just as volatile as the overall market.
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