More from Dividend.com
Referenced Stocks

Goldcorp Cuts Production Forecast on Mining Setbacks; Shares Tumble (GG)

By Dividend.com,  July 11, 2012, 08:33:02 AM EDT

Canadian gold mining giant Goldcorp Inc. ( GG ) late Tuesday lowered its full-year production forecast, sending its shares sliding in aftermarket trading.

The Vancouver-based company said it now expects 2012 gold production of 2.35 million to 2.45 million ounces, down from a prior outlook of 2.6 million ounces. Goldcorp cited lower first-half 2012 output at its Red Lake mine in Ontario, as well as expected lower production at its Penasquito mine in Mexico for the second half of 2012 for the lowered outlook.

CEO Chuck Jeannes commented, "We are disappointed with reducing production guidance due to operational issues at our two most important mines."

Goldcorp shares fell $2.18, or -5.9%, in premarket trading Wednesday.

The Bottom Line
Shares of Goldcorp ( GG ) have a 1.47% dividend yield, based on last night's closing stock price of $36.75. The stock has technical support in the $32-$33 price area. If the shares can firm up, we see overhead resistance around the $40 price level.

Goldcorp Inc. ( GG ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: GG



Latest News Video

School Bus Explosion Kills at Least 17
School Bus Explosion Kills at Least...
A Conversation on the Trans-Pacific Partnership
A Conversation on the Trans-Pacific...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.24 0.03  0.23%
FB $ 24.32 0.74  2.95%
SIRI $ 3.58 0.04  0.99%
GE $ 23.53 0.13  0.55%
PFE $ 29.04 0.07  0.24%
MSFT $ 34.27 0.12  0.35%
INTC $ 23.93 0.12  0.50%
P $ 16.43 0.73  4.25%