10 Stocks Took a Shocking Nosedive

Ten stocks defied a broader market optimism on Friday, finishing the week with hefty losses, as investor sentiment was dented by a flurry of key economic news coupled with weak earnings and outlook for the rest of the year.

In this article, let us look at the 10 companies with the worst performance on Friday and detail the reasons behind their drop.

To come up with the list, we focused exclusively on stocks with a $2 billion market capitalization and 5 million in trading volume.

10. Fortuna Mining Corp. (NYSE:FSM)

Fortuna Mining dropped its share prices by 3.65 percent on Friday to finish at $7.13 apiece as investors resorted to profit-taking following the previous day’s gains.

Fortuna Mining Corp. (NYSE:FSM), a leading gold and silver mining company, earned a boost from higher gold and silver prices on Thursday, with the latter hitting a new all-time high.

Friday, however, saw spot prices of gold drop by 1.26 percent, while silver maintained its strength with another 0.92 percent gain.

In the first quarter of the year, Fortuna Mining Corp. (NYSE:FSM) grew its net income from continuing operations by 130 percent to $67.97 million from $29.5 million in the same period last year.

Sales rose by 45 percent to $290 million from $200.9 million year-on-year.

Fortuna Mining Corp. (NYSE:FSM) is expected to hold an annual shareholders’ meeting at 10 AM PDT on June 26 in Vancouver, Canada.

9. Newmont Corporation (NYSE:NEM)

Newmont extended its losing streak to a fourth straight day on Friday, losing 3.94 percent to end at $52.36 apiece as investors unloaded positions following the drop in gold prices.

On the same day, gold saw its spot prices decline by 1.26 percent to $3,310.42 per troy ounce, amid a profit-taking from the previous day’s gains.

In the first quarter of the year, Newmont Corporation (NYSE:NEM) achieved a 1,012-percent increase in net income attributable to shareholders in the first quarter of the year, at $1.89 billion versus the $170 million in the same period last year.

Revenues amounted to $5.01 billion, representing an increase of 24 percent from the $4.02 billion in the same period a year earlier.

Amid the impressive performance, Newmont Corporation (NYSE:NEM) declared a $0.25 cash dividend to common stockholders as of May 27, payable on June 20.

Newmont Corporation (NYSE:NEM) is a leading gold mining company, which also produces copper, zinc, lead, and silver.