Golden Star Resources Shares Plunged: What You Need to Know

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Golden Star Resources (AMEX: GSS  ) shares fell 12% today after the company released third-quarter results and an exploration update.

So what: In the third quarter, Golden Star sold 84,638 ounces of gold and had operating cash flow of $35.4 million. Overall, this resulted in a loss of $1.8 million, or just under $0.01 per share, less than the $0.04 profit analysts had expected.

Now what: What investors were most disappointed in today was reduced production guidance to 370,000 ounces for 2010. After the stock hit a 52-week high yesterday, more about decreased production is not what investors were looking for. I see downward momentum in this stock going forward, so I'm going to stay away for now.

Interested in more info on Golden Star? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his Motley Fool CAPS picks at TMFFlushDraw.

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Related Tickers

10/26/2016 3:11 PM
GSS $0.88 Down -0.02 -2.10%
Golden Star Resour… CAPS Rating: **