Goldcorp (GG) Stock Down as Gold Prices Fall

NEW YORK (TheStreet) --Shares of Goldcorp (GG) are lower by 2.98% to $18.56 in early afternoon trading on Wednesday, as the decline in the price of gold weighs on some metals and mining stocks.

Gold for June delivery is slipping by 0.85% to $1,280.80 per ounce on the COMEX this afternoon.

The price of the precious metal is declining for the second consecutive day. Gold is being negatively impacted today following comments from the Fed that spurred fresh concerns about the possibility of near-term interest rate hikes, MarketWatch reports.

Gold prices tend to struggle when rates rise as the asset has a difficult time competing with ones that pay interest to those that hold it.

A weaker than expected tally of private hiring is pressuring the Fed to determine the strength of the U.S. job market as the central bank considers the timing of the next rate hike, MarketWatch added.

Goldcorp is a Vancouver-based mining company that is focused on the operation, exploration, development and acquisition of precious metal properties in Canada, the U.S., Mexico, and Central and South America.

Separately, TheStreet Ratings has set a "sell" rating and a score of D+ on Goldcorp. This is driven by some concerns, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.

Among the areas we feel are negative, one of the most important has been an overall disappointing return on equity.

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