Why Hecla Mining Stock Jumped 10% at the Open on Wednesday
Shares of gold and silver miner Hecla Mining (NYSE: HL) rose 10% out of the gate on Wednesday. That gain didn't hold up, but the stock was still higher by roughly 8% at 11 a.m. EDT today. There was no particular news out of the company, but an analyst update out of Bank of America probably helped to get investors into a buying mood.
Like most precious metals miners, Hecla Mining produces more than just gold. Although the company's list of products includes lead and zinc, the big one today is silver. In the first quarter, gold made up about 60% of the company's business with silver at roughly 25% (lead and zinc split the rest). Silver used to be a bigger piece of the whole, but over the last few years, gold has outperformed, and Hecla (along with many others) shifted more toward that metal. However, the company is still one of the largest silver miners in the United States.
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Source Fool.com
