3 Stocks Pulling The Basic Materials Sector Downward
1. As of noon trading, Newmont Mining Corporation ( NEM) is down $2.46 (-7.2%) to $31.51 on heavy volume Thus far, 10.8 million shares of Newmont Mining Corporation exchanged hands as compared to its average daily volume of 8.5 million shares. The stock has ranged in price between $31.33-$33.32 after having opened the day at $33.14 as compared to the previous trading day's close of $33.97. Newmont Mining Corporation, together with its subsidiaries, engages in the acquisition, exploration, and production of gold and copper properties. The company's assets or operations are located in the United States, Australia, Peru, Indonesia, Ghana, Mexico, and New Zealand. Newmont Mining Corporation has a market cap of $16.9 billion and is part of the metals & mining industry. The company has a P/E ratio of 9.1, below the S&P 500 P/E ratio of 17.7. Shares are down 27.9% year to date as of the close of trading on Monday. TheStreet Ratings rates Newmont Mining Corporation as a hold. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and weak operating cash flow. Get the full Newmont Mining Corporation Ratings Report now. Exclusive Offer: Jim Cramer's 'go-to' small/mid-cap guru Bryan Ashenberg only buys stocks he thinks could return 50-100%. See his top picks for 14-days FREE. If you are interested in one of these 3 stocks, ETFs may be of interest. Investors who are bullish on the basic materials sector could consider Materials Select Sector SPDR ( XLB) while those bearish on the basic materials sector could consider ProShares Short Basic Materials Fd ( SBM). A reminder about TheStreet Ratings group: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.
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