NEW YORK (TheStreet) -- Newmont Mining (NEM) shares are up 6.6% to $25.10 in early market trading on speculation that a merger deal between Newmont Mining and Toronto-based Barrick Gold Corp (ABX) could be revived, following Friday's reports that the deal was dead.
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The Wall Street Journal reported that the world's top two gold producers were breaking off talks on Friday. Bloomberg reported today that the talks broke down after the two companies could not agree on which gold mines they should spin off in the event the deal went through.
Today, Bloomberg is also reporting that the talks are not dead and that the two companies hope to have a deal done before their respective annual meetings -- Newmont meets April 23, Barrick's meeting is scheduled for April 30.
TheStreet Ratings team rates NEWMONT MINING CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEWMONT MINING CORP (NEM) a SELL. This is driven by several 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. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."