Uranium Shares Spike After Cameco Report (CCJ, URRE, UEC, DNN, URZ, URA)
Canadian uranium miner Cameco (CCJ) jumped on Monday after posting its third-quarter results. The company earned C$80 million, or 20 Canadian cents per share, net of one-time items compared to C$172 million, or 24 Canadian cents per share, in the same period last year. Revenue slipped by -19% to C$419 million. Uranium sales volumes slipped by -33% year-over-year, but CEO Jerry Grandey noted that a decline was expected. “As we advised earlier this year, revenues were lower in the third quarter due to the timing of uranium deliveries. We expect about one third of our uranium sales will be delivered in the fourth quarter.” Grandey added, “We are on track to double our annual uranium production from existing assets by 2018.”
As a whole, the Uranium Stocks Index is soaring by 11% today, and Cameco’s 4% rally makes it a laggard for the session. The Index has now outperformed the S&P 500 by a whopping 45% over the last month.
Uranium Resources (URRE), Uranium Energy (UEC), Denison Mines (DNN), and Uranerz Energy (URZ) are all up by more than 10% today, and more than half of the Index’s components have now rallied by more than 50% since early October.
Investors can track the Uranium Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
More on this topic (What's this?)
Uranium – Our “Trade of the Decade” Heats Up! (NLR, CCJ) (Wall Street Sector Selector, 11/9/10)
CCJ – Cameco Corp (Last:30.59) (, 10/13/10)
Uranium’s on the Move – Why it Should Have Much Farther to Run (and How to Invest) (The Contrary Investing Report, 12/10/10)
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