Markets finished on an upbeat note on Monday, as all three major U.S. indexes advanced with tech stocks leading the way. Investors should glean some important information later this week when the Federal Reserve talks policy and data on new and existing home sales hit the wires. Until Wednesday investors have little to go on, and even with that in mind shares of Newmont Mining Corporation (NEM 2.06%), Cliffs Natural Resources (CLF -1.53%), and Consolidated Edison (ED 0.60%) ended as some of the worst performers in the S&P 500 Index (^GSPC 0.17%). The S&P, for its part, added 7 points, or 0.4%, to end at 1,885.
Shares of Newmont Mining Corporation dropped 2.7% on Monday, though there was no overwhelmingly negative catalyst to send it lower. The gold and copper producer has been divesting of assets recently, as it attempts to shore up its balance sheets. Last week the company sold its Jundee gold mine, which operates out of Australia, to Northern Star Resources in a $91 million deal. Newmont Mining shares have been under serious pressure throughout the last year as metals prices have wavered.
At least Newmont's stock isn't on the same sort of losing streak Cliffs Natural Resources has been on. Shares shed 2.1% today, making the coal and iron ore producer one of the S&P's worst performers for a second straight day. Shares slumped on Friday as shareholders reacted to recent downgrades from two investment banks and a first-quarter report that revealed the company's ghastly coal production economics. Cliffs Natural Resources revealed that it excavated coal for $119.41 a ton, only to turn around and sell it for $88.61 a ton -- a business model that is far from sustainable.
Source: ConEdison website.
Lastly, shares of Consolidated Edison, a diversified utilities company out of New York, tumbled 1.6% today. The utilities sector as a whole was a pretty miserable performer on Monday, falling 1.5% to end as the worst-performing sector in the stock market. Consolidated Edison actually beat both earnings and revenue estimates last quarter, as it benefited from the high demand that the brutal winter weather brought.
