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"content": "Newmont Corporation (NEM) Stock Sinks As Market Gains: What You Should Know\nBy Zacks Equity Research\nPublished on: 2023-01-11T23:00:19Z\n\nIn the latest trading session, Newmont Corporation (NEM) closed at $52.46, marking a -1.3% move from the previous day.\n\nArticle Content:\n\nNEM Quick QuoteNEM\nNewmont Corporation (NEM Quick QuoteNEM - Free Report) closed the most recent trading day at $52.46, moving -1.3% from the previous trading session. This change lagged the S&P 500's daily gain of 1.29%. Elsewhere, the Dow gained 0.8%, while the tech-heavy Nasdaq added 10.96%.\nComing into today, shares of the gold and copper miner had gained 12.73% in the past month. In that same time, the Basic Materials sector gained 3.45%, while the S&P 500 lost 0.23%.\nInvestors will be hoping for strength from Newmont Corporation as it approaches its next earnings release, which is expected to be February 23, 2023. On that day, Newmont Corporation is projected to report earnings of $0.35 per share, which would represent a year-over-year decline of 55.13%. Meanwhile, our latest consensus estimate is calling for revenue of $2.92 billion, down 13.77% from the prior-year quarter.\nIt is also important to note the recent changes to analyst estimates for Newmont Corporation. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.\nResearch indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.\nRanging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Newmont Corporation is currently a Zacks Rank #3 (Hold).\nDigging into valuation, Newmont Corporation currently has a Forward P/E ratio of 23.09. Its industry sports an average Forward P/E of 11.23, so we one might conclude that Newmont Corporation is trading at a premium comparatively.\nThe Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% of all 250+ industries.\nThe Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.\nMake sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.\nNewmont Corporation (NEM) - free report >>\nOur experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days.\nRecent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. See our report's 7 new picks today, absolutely FREE.\nThis page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc.\nAt the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +23.96% per year. These returns cover a period from January 1, 1988 through October 2, 2023. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.\n\nSource: Zacks Investment Research\n",
"timestamp_ms": 1673478019000,
"published_utc": "2023-01-11T23:00:19Z",
"article_url": "https://www.zacks.com/stock/news/2038161/newmont-corporation-nem-stock-sinks-as-market-gains-what-you-should-know",
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"[1][b] Stock Market Updates",
"[2][c] Stock Recommendations"
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"[2][b] Recent Trends (Past Few Weeks \u2013 Ongoing)",
"[3][a] Short-Term Outlook (Next 3\u20136 months)"
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"[2][b] Mixed Outlook"
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