NEW YORK (TheStreet) -- Shares of Teck Resources  (TCK) fell 7.99% to $14.05 in morning trading Tuesday after the Canadian miner and Chilean miner Antofagasta confirmed they were not in merger talks.

Bloomberg reported Monday that the two mining companies were in the early stages of merger talks, but both companies denied those reports late Monday. Teck said in statement it was not in talks with Antofagasta "in relation to any form of transaction."

Teck stock surged more than 10% to close at $15.27 on Monday after reports of merger talks surfaced. But Teck subsequently said there are "no other corporate developments that justify any significant movement in its share price."

The Vancouver-based Teck is Canada's largest diversified mining company. The reported merger with the London-listed Antofagasta would have created one of the largest copper producers in the world.

Separately, TheStreet Ratings team rates TECK RESOURCES LTD as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate TECK RESOURCES LTD (TCK) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, disappointing return on equity and poor profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• Despite the weak revenue results, TCK has outperformed against the industry average of 18.7%. Since the same quarter one year prior, revenues slightly dropped by 5.0%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
• Despite currently having a low debt-to-equity ratio of 0.45, it is higher than that of the industry average, inferring that management of debt levels may need to be evaluated further. Regardless of the somewhat mixed results with the debt-to-equity ratio, the company's quick ratio of 1.31 is sturdy.
• TECK RESOURCES LTD's earnings per share declined by 42.5% in the most recent quarter compared to the same quarter a year ago. The company has reported a trend of declining earnings per share over the past two years. During the past fiscal year, TECK RESOURCES LTD reported lower earnings of $0.63 versus $1.66 in the prior year.
• The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor weakness in the organization. Compared to other companies in the Metals & Mining industry and the overall market on the basis of return on equity, TECK RESOURCES LTD underperformed against that of the industry average and is significantly less than that of the S&P 500.
• You can view the full analysis from the report here: TCK Ratings Report