This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Iamgold Falls As 3Q Results Miss Street's View

NEW YORK (AP) â¿¿ Iamgold's stock plunged on Wednesday as the gold mining company's third-quarter results missed Wall Street's expectations.

THE SPARK: Iamgold reported on Tuesday that its quarterly net income rose 56 percent to $78 million, or 21 cents per basic share, from $50 million, or 13 cents per basic share, a year earlier. Adjusted earnings were 16 cents per basic share.

Revenue for the three months ended Sept. 30 dropped 10 percent to $386.8 million from $431.9 million.

Analysts polled by FactSet expected higher earnings of 24 cents per share on revenue of $420 million.

THE ANALYSIS: Macquarie Equities Research's Tony Lesiak cut Iamgold's rating to "Neutral" from "Outperform" and trimmed its price target to $17.50 Canadian dollars ($17.46) from $19 Canadian dollars ($18.95).

Lesiak said in a client note that Iamgold's adjusted earnings missed his forecast of 23 cents per share and that gold production was lower than expected.

SHARE ACTION: Shares of Iamgold Corp. tumbled $2.46, or 16.6 percent, to $12.40 in afternoon trading. The stock has traded in a 52-week range of $9.20 to $21.54.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,792.08 +172.57 0.98%
S&P 500 2,063.11 +5.47 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs