Newmont Plunges, Trade Desk Jumps, Wells Fargo Earnings

On this episode of Stock Movers:

- Newmont (NEM) shares plunged following the resignation of the company’s chief financial officer. Shares of the world’s top gold producer fell as much as 8.9% on Tuesday in New York, marking the biggest drop since April. The slump followed Newmont’s post-market announcement Monday that CFO Karyn Ovelmen tendered her resignation last week. The company didn’t disclose the reason for her departure. Chief Legal Officer Peter Wexler will serve as interim CFO until a permanent successor is hired, the company said.

- Trade Desk (TTD) shares jump after S&P Dow Jones Indices said the advertising technology company will join the S&P 500 Index before trading opens on July 18.. Evercore ISI analyst Mark Mahaney says the inclusion is “additional confirmation of TTD’s very impressive fundamentals” and additional confirmation of the “centrality” of the Internet Sector

- Wells Fargo (WFC) shares are down after the bank lowered its full-year guidance for net interest income after another quarter of tepid growth amid the ongoing trade war. The San Francisco-based lender posted $11.7 billion in NII — income from lending minus the cost of deposits — for the three months through June, falling just short of analysts’ estimates of $11.8 billion. That prompted Wells Fargo to lower its full-year NII growth target to little changed from last year, down from its previous guidance of 1% to 3% growth, driven by lower NII in the bank’s markets business.

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