NEW YORK (TheStreet) -- Goldcorp (GG) shares are jumping 2.29% to $16.98 Tuesday afternoon as gold futures edged higher following economic data released today showing that U.S. consumer confidence declined in May.
Gold for August delivery is up 0.24% to $1,219.60 per ounce on the COMEX this afternoon.
The Conference Board's consumer-confidence index fell to 92.6 in May from an upwardly revised 94.7 in April, according to the Wall Street Journal, which noted that this could be an argument against a rate hike in the near future.
However, gold is still at its lowest level since February 17 as many investors still expect a rate hike to come sooner rather than later.
If the U.S. economy continues to get stronger, Federal Reserve Chairwoman Janet Yellen noted Friday that a rate increase will be appropriate.
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C-.
The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we find 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 article's author.
You can view the full analysis from the report here: GG