Shares of precious metals miner Golden Star Resources (NYSEMKT: GSS) rose a touch over 14% in early trading on July 29. The big news was the company's after-the-close earnings release on July 28. There was a lot to dig into, but investors seemed to appreciate the long-term potential.
Golden Star's production fell 25% year over year in the second quarter, which is not the type of thing that investors usually want to see. Costs were, essentially, flat. And while the miner is benefiting from elevated gold prices, the production decline still led to a year-over-year revenue decline of 15% on the gold front. Adjusted earnings per share, meanwhile, were lower by roughly 50%. These are not particularly good results. And the stock rose anyway.
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Why Golden Star Resources Stock Rallied 14% at the Open Today