Here's Why Goldcorp (GG) Stock is Up Today
NEW YORK (TheStreet) -- Goldcorp (GG) shares are rising 0.21% to $18.69 on Wednesday afternoon as gold futures gained on the weaker dollar.
The greenback recently fell 0.48% today, changing direction from rallying the past several days.
Looking ahead, investors will be focusing on what the Federal Reserve says regarding interest rates hikes this year.
"At this point in the ballgame, there is a lot of demand supporting the yellow metal," Adam Koos, president of Libertas Wealth Management told MarketWatch. "Goldman Sachs raised gold forecasts this morning and JPMorgan went on record saying that gold has entered a new bull market, with both adding some buying pressure to today's trade."
Gold for June delivery is jumping 1.04% to $1,277.90 per ounce on the COMEX this afternoon.
Separately, TheStreet ratings currently has a "Sell" rating on the stock with a letter grade of D+.
This is driven by multiple weaknesses, which we believe 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 we cover. Among the areas we feel are negative, one of the most important has been an overall disappointing return on equity.
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
