With gold rebounding about $55 this morning, mining stocks, like Newmont Corp. (NYSE: NEM | NEM Price Prediction), are up about $1.85. All after the overbought stock lost nearly $6 of value yesterday, with gold’s 4.5% pullback. Shares of SSR Mining (NASDAQ: SSRM) are up about 50 cents on the rebound. Even shares of Freeport-McMoRan (NYSE: FCX) are up about 80 cents on the news.
Despite yesterday’s pullback in gold, we have to remember that growing geopolitical tension, economic uncertainty, expectations of further interest rate cuts, a weak dollar, and strong interest from central banks could send gold prices screaming even higher.
In fact, as we noted just yesterday, Bank of America is targeting $5,000 by 2026. JPMorgan is targeting $5,055. HSBC analysts are targeting $5,000 by early 2026, too.
Rocket Lab Corp.
Shares of Rocket Lab Corp. (NASDAQ: RKLB) are up about $2 a share in premarket.
While the stock took a breather after a substantial run from $40.88 to nearly $80 a share, it’s seeing further upside. Helping, analysts at Needham recently raised their price target on RKLH to $90 from $63, with a buy rating.
All after the U.S. Space Development Agency awarded RKLB a prime contract to design and manufacture 18 satellites for the Tracking Layer Tranche 3 program under the Proliferated Warfighter Space Architecture, as noted in a press release.
“Under the $816 million contract, Rocket Lab will deliver satellites equipped with advanced missile warning, tracking, and defense sensors to provide global, persistent detection and tracking of emerging missile threats, including hypersonic systems,” as noted by Seeking Alpha.
Recent earnings weren’t too shabby either.
In its third quarter, the company’s revenue was up 48% year-over-year to $155.1 million. It also narrowed its Q3 EPS loss to -$0.03 from -$0.10 a year ago. Moving forward, the company guided for Q4 revenue of between $170 million and $180 million, as compared to expectations of $171 million. It’s also calling for an adjusted EBITDA loss of $23 million to $29 million.
Micron Technology
After rocketing nearly $10 higher on Monday, shares of Micron Technology (NASDAQ: MU) are up another $2.10 this morning.
As we noted the other day, CNBC reported the MU stock was gaining ground after DigiTimes reported that, “citing industry sources, Samsung Electronics and SK Hynix are raising prices for their fifth-generation high-bandwidth memory 3E chips by nearly 20% for 2026 deliveries.”
This comes just days after Micron crushed earnings and guidance.
That was after Micron’s EPS of $4.78 beat by 82 cents. Revenue of $13.64 billion beat by $760 million. Analysts were looking for $4.78 per share on revenue of $14.3 billion. Moving forward, the company expects to earn between $8.22 and $8.62 per share. It also expects revenue to be between $18.3 billion and $19.1 billion for the second quarter.
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