No. 3 Worst Performer: Newmont Mining
First-Half Return: -37%
The Colorado-based coal producer Newmont Mining (NEM) started the month on June with an announcement it would lay off 33% of its workforce within 90 days. That was the high point for the company, as prior to that announcement both Cowan and UBS (UBS) downgraded the stock.
Gold stocks are following prices of the precious metal downward, pressuring the entire sector (the SPDR Gold Trust ETF (GLD) is down nearly 25% for the first half), and Newmont is just another player caught in the downdraft. It certainly doesn’t look any better heading into the second half either, as gold continues to languish.