Why Kinross Gold Corporation (KGC) Went Down on Thursday

We recently compiled a list of the Weak Earnings, Outlook Drag Shares of These 10 Firms on Thursday. In this article, we are going to take a look at where Kinross Gold Corporation (NYSE:KGC) stands against the other stocks.

The stock market finished firmer on Thursday, as investors cheered fresh inflation data and tariff updates that helped alleviate concerns about inflationary pressures and global trade tensions.

The Dow Jones rose by 0.77 percent, the S&P 500 increased 1.04 percent, while the Nasdaq jumped 1.50 percent.

Despite overall market gains, ten companies managed to register declines, mostly due to disappointing earnings performance, a weaker outlook, and downgraded ratings.

To come up with Thursday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Aerial shot of a mine entrance, the bedrock of the company’s gold and silver extraction.

Kinross Gold Corporation (NYSE:KGC)

Shares of Kinross Gold Corporation (NYSE:KGC) dropped by 6.09 percent on Thursday to close at $11.41 apiece as investors disposed of holdings in the company after missing analyst estimates.

In its latest earnings release, Kinross Gold Corporation (NYSE:KGC) said earnings per share for the fourth quarter of the year stood at $0.20, missing the consensus of $0.25.

Investors appeared to have discounted the company’s performance last year, with net income expanding by 321 percent to $275.6 million from $65.4 million year-on-year. Meanwhile, net profit for the full year surged by 127.9 percent to $948.8 million from $416.3 million.

Sales, on the other hand, jumped by 27 percent to $1.4 billion during the quarter from $1.1 billion year-on-year, while also growing 21 percent to $5.1 billion from $4.2 billion.

Kinross Gold Corporation (NYSE:KGC) is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile, and Canada.

Overall KGC ranks 10th on our list of Thursday’s top losers. While we acknowledge the potential of KGC as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than KGC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

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