Why Shares of Agnico Eagle Mines Plunged 23% in February

Turning a cold shoulder to Agnico Eagle Mines (NYSE: AEM), investors drove shares down more than 23% last month, according to data from S&P Global Market Intelligence. The stock's sharp decline seems even more precarious when juxtaposed with the more than 1.6% rise in the price of the yellow stuff. Evidently, the company's uninspiring fourth-quarter earnings report, a downward revision to the company's gold production forecast, and signs of disfavor from Wall Street were too much for investors to handle.

Shares of Agnico Eagle, for the most part, traded in line with the price of gold for the first two weeks of the month. But then the company reported its fourth-quarter earnings, and the downward spiral began for the stock. Disappointing investors, Agnico Eagle reported Q4 revenue of $753.1 million, failing to meet analysts' consensus estimate of $785.1 million.

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Source Fool.com