Harmony Gold Mining (HMY) Stock Tumbling on Lower Gold Prices

NEW YORK (TheStreet) -- Shares of Harmony Gold Mining Co.  (HMY) were tumbling by 5.67% to $1.32 in late morning trading Tuesday, amid the slump in gold prices.

U.S. gold futures for August delivery were lower by 0.84% to $1,169.10 an ounce as of 11:29 a.m. ET today, while spot gold was barely changed at $1,170.40 an ounce.

Gold prices fell as Greece formally requested a third Eurozone bail-out, asking for a reduction in the country's outstanding debt, Reuters reports.

The troubled country is asking for a new two-year aid deal, which the Eurozone finance ministers will discuss in a teleconference tonight, BBC reports.

If Greece fails to repay the International Monetary Fund loan, Greece risks exiting the Eurozone.

Gold often rallies during times of financial market turmoil, but has found little support from safe-haven bids, according to Reuters.

South Africa-based Harmony Gold Mining is a gold mining and exploration company, operating 11 underground mines, one open-pit mine and several surface operations.

Separately, TheStreet Ratings team rates HARMONY GOLD MINING CO LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate HARMONY GOLD MINING CO LTD (HMY) 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 unimpressive growth in net income, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."

If you liked this article you might like

Harmony Gold (HMY) Stock Slumps on Lower Gold Prices

Will Harmony Gold (HMY) Stock Be Hurt by Retreating Gold Prices?

Harmony Gold (HMY) Stock Down, Will Stop Production in Third-Largest Mine

Harmony Gold (HMY) Stock Higher on Gold Price Increase

Harmony Gold (HMY) Stock Closed Up on Higher Gold Prices