NEW YORK (TheStreet) -- Goldcorp (GG) shares are tumbling 5.21% to $16.45 on Tuesday afternoon, weighed down by lower gold prices following upbeat economic data, leading investors to believe the Fed will soon raise interest rates.
Gold for June delivery is down 1.86% to $1,228.20 per ounce on the COMEX this afternoon.
Futures fell after the Commerce Department said earlier today that new U.S. home sales jumped by 16.6% for the month of April to a seasonally adjusted annual rate of 619,000.
"Fed presidents seem eager to find sufficiently positive economic data to justify a June hike, and this new input from the residential real-estate market is more supporting evidence for the hawkish case," Brien Lundin, editor of Gold Newsletter said, MarketWatch reports.
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 also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself.
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