Why Teck Resources Stock Jumped 12% at the Open Today
Shares of Teck Resources (NYSE: TECK), a Canadian miner with material copper, zinc, and coal operations, rose sharply in early trading on April 27, gaining as much as 12% at the open. The big news was the company's first-quarter 2022 earnings report, which investors clearly liked.
On the sales front, Teck reported first-quarter 2022 revenues of just over CA$5 billion, up from a little under CA$2.6 billion in the same stanza of 2021. That figure was a couple of percent higher than Wall Street analysts had been expecting. The biggest driver here was material year-over-year (YOY) commodity price increases across all the miner's major products. Copper prices were up 17% YOY, zinc was higher by 36%, and met coal rose a huge 173%.
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Source Fool.com
