Company News

BUZZ-Goldcorp: Worst day in 10 years on dismal results, forecast

** Goldcorp shares plunge 17.4 pct, set for worst day since Oct 2008 with price hitting a 16-yr low

** Lower-than-expected production and higher-than-expected costs lead much bigger-than-estimated loss for miner

** Vancouver-based gold miner also cuts output and hikes cost forecasts for 2018

** Raymond James notes Goldcorp also delays Musselwhite materials handling project to Q3 ‘19 from Q1 ‘19, which puts its 2019 production forecast at risk

** Buy-side research firm RenMac notes Goldcorp lost money in Q3 with at gold at $1,280 per ounce and the stock is back to 2002 levels when gold was around $300

** RenMac estimates negative free cash flow for a decade if Goldcorp proceeds with Cerro Casale and NuevaUnion projects

** RenMac rates Goldcorp “sell” and calls it “one of our favorite short recommendations,” but no sell-side analyst rates the stock “sell”

** Two analysts rate it “strong buy,” 7 “buy” and 5 “hold,” Refinitiv data shows; stock hits a low of C$11.03; analysts’ median PT is C$20.92 (Reporting by Savio D’Souza)