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Weakness Seen in Agnico Eagle Mines (AEM): Stock Tumbles 8.6%
April 17, 2014

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Agnico Eagle Mines Limited (AEM - Free Report) saw a big move last session, as the company’s shares fell by nearly 9.0% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for AEM, as the stock is now down nearly 17.3% in the past one-month time frame.
Although this slump was obviously disappointing, the company has seen 4 positive revisions and its current year earnings consensus has moved higher over the past few weeks. This suggests that the recent slump might be a temporary blip on the radar for AEM. So make sure to keep an eye on this stock going forward to see if yesterday’s price decline is confirmed by more weakness, or if it can rebound in the weeks ahead.

AEM currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 13.3%.

Some better-ranked stocks in the basic materials sector include AngloGold Ashanti Ltd. (AU - Free Report) , Lake Shore Gold Corp. and Randgold Resources Limited (GOLD - Free Report) . All these stocks carry a Zacks Rank #1 (Strong Buy).   

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