IAG - Why Shares of IAMGOLD Are Crashing Today
With the price of gold inching moderately lower today, it's unsurprising that most gold-oriented stocks are also dipping a bit. But the free fall that shares of IAMGOLD (NYSE: IAG) are experiencing transcends the declining market price of the yellow metal. Instead, there are two catalysts leading investors away from the gold mining stock today: an update on the company's Cote project and a wave of bearish sentiment from analysts.
As of 12:34 p.m. ET, shares of IAMGOLD are down 28%.
Reporting first-quarter 2022 earnings yesterday after the market closed, IAMGOLD shined brightly in several ways, including strong year-over-year growth in revenue, net income, and operating cash flow. But that's not what the market is interested in today, evidently. Instead, investors are clicking the sell button due to the company's update on its Côté Gold project located in Ontario, Canada.
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Why Shares of IAMGOLD Are Crashing Today