Goldcorp (GG) Stock Falls as Gold Prices Drop

Goldcorp (GG) stock is down on Tuesday afternoon alongside gold prices as investors sought out riskier assets.
By Kaya Yurieff ,

NEW YORK (TheStreet) -- Shares of Goldcorp (GG) are slumping 2.74% to $19.49 late Tuesday afternoon as gold prices decline.

For August delivery, gold is sliding 1.58% to $1,335.20 per ounce on the COMEX this afternoon.

Gold prices are retreating for the fourth straight day today as investors sought out riskier assets and concerns over economic stability abated, the Wall Street Journal reports.

The price of the precious metal has jumped as investors looked to safe-haven assets after the U.K.'s decision to exit the European Union last month.

As fears surrounding Brexit have faded, gold investors are taking money off the table to prepare for the next major economic event, according to Ira Epstein, a strategist at the Linn Group, the Journal said.

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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