NAK - Why Northern Dynasty Minerals Stock Fell as Much as 17% on July 24
Shares of would-be copper and gold miner Northern Dynasty Minerals (NYSEMKT: NAK) were down nearly 17% at one point on Friday. By roughly 2 p.m. EDT, however, they had regained some ground and were down just 12% or so. That's a terrible performance given that the company announced that the much-anticipated Environmental Impact Statement covering its proposed Alaskan copper and gold mine, collectively known as the Pebble Project, had been released by the U.S. Army Corps of Engineers.
Based on the stock performance, you might think the news was bad, but it really wasn't. It was pretty much what was expected, largely giving the Pebble Project the green light to keep moving forward. There are two possible takeaways here. First, it could be a case of "buy the rumor and sell the news," with investors taking profits on a stock that gained over 400% between the start of the year and Thursday.
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