Why Newmont Corporation (NEM) Crashed On Friday

We recently published a list of 10 Stocks Took a Shocking Nosedive. In this article, we are going to take a look at where Newmont Corporation (NYSE:NEM) stands against other Friday’s worst-performing stocks.

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.

A gold mine entry with a conveyor belt transporting minerals from the depths of a shaft.

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.

Overall, NEM ranks 9th on our list of Friday’s worst-performing stocks. While we acknowledge the potential of NEM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.