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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.
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