Goldcorp (GG) Stock Down as Gold Prices Slide

Goldcorp (GG) stock is slipping on Thursday morning as gold prices slump to a two-week low after the Bank of England unexpectedly kept interest rates the same.
By Kaya Yurieff ,

NEW YORK (TheStreet) -- Shares of Goldcorp (GG) are retreating 1.28% to $19.23 late Thursday morning as gold prices drop to a two-week low.

For August delivery, gold is falling 1.07% to $1,329.20 per ounce on the COMEX this morning.

Gold prices are declining today as global stocks traded in the green after the Bank of England unexpectedly decided to keep interest rates the same, Reuters reports.

The BoE said it was likely to bring stimulus to the economy in three weeks after it sees how Britain's decision to leave the European Union has impacted the economy.

"Britain has got a new prime minister, which, alongside expectations of more stimulus from the Bank of England, has brought a sense of relief to markets, so gold is easing and everything else is rising on that," Citi strategist David Wilson told Reuters.

Goldcorp is a Vancouver-based gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the U.S., Mexico and Central and South America.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and largely solid financial position with reasonable debt levels by most measures.

But the team also finds that the company's return on equity has been disappointing.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: GG

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