Why Endeavour Silver Stock Rallied as Much as 15.5% in Early Trading Today
Shares of silver and gold miner Endeavour Silver (NYSE: EXK) rose sharply in the first hour or so of trading on Thursday, trading as much as 15.5% higher. As of 11:21 a.m. EST, the stock was holding on to most of those gains, up by about 15%. The key driver of that share price rise was the company's third-quarter earnings release.
Endeavour Silver's top line was higher by a whopping 29% year over year in the third quarter. The miner's production was up 2% on a silver equivalent ounce basis, but it actually sold 11% less silver and 4% less gold in the quarter. The big revenue boost was the result of a material improvement in Endeavour's realized selling prices: Silver prices were up 43% year over year while gold was up 31%. Costs, meanwhile, were lower due to improved performance at key mining operations.
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Source Fool.com
