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Several stocks moved significantly in market trading: Coinbase Global gained 5.8% following new SEC tokenization rules, CoreWeave fell 4.2% after announcing a $3 billion convertible debt offering, SanDisk jumped 6.2% on broad tech rally strength, and Newmont Corporation rose 2.2% as precious metals benefited from falling yields and a weaker dollar.
Newmont stock rose 2.8% as gold prices rebounded after the Federal Reserve raised interest rates to 3.75%-4% for the first time in three years. While higher rates typically make gold less attractive as an investment, gold prices recovered from yesterday's sell-off. Newmont stock trades at 15.7x trailing earnings with expected 15% annual earnings growth and a 0.9% dividend yield, making it fairly valued but not a compelling buy.
Newmont (NYSE:NEM) held its second-quarter earnings conference call on Thursday. Below is the complete transcript from the call. This content is powered by Benzinga APIs. For comprehensive financial data and
RBC Capital analyst Josh Wolfson maintains Newmont (NYSE:NEM) with a Outperform and raises the price target from $135 to $155.