Cerrado Gold Inc
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Materials : Metals & Mining |
Based in Canada
Company profile

Cerrado Gold Inc. is a Canada-based gold production and exploration company focused on building projects in South America. The Company's 100% owned Minera Don Nicolas (MDN) is an open pit gold mine located in Deseado Massif, in the province of Santa Cruz, Argentina, with a land package of approximately 333,400 hectares. Its MDN operations are focused in two areas, which include the La Paloma deposit and the Martinetas deposits, which are approximately 30 kilometers apart. The Company is also undertaking exploration at its 100% owned Monte Do Carmo project located in the state of Tocantins, Brazil, immediately east of the town of Monte do Carmo. The Monte Do Carmo project consists of approximately 20 exploration permits totaling 82,541 hectares (ha) in the state of Tocantins.

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These stocks fared the worst as Powell pushed the market down Tuesday

5:00 pm ET March 7, 2023 (MarketWatch)

By Philip van Doorn

Bank stocks were hit hard, as investors braced for a longer cycle of interest rate increases. Electric vehicle makers also stumbled.

Federal Reserve Chairman Jerome Powell set the stage for further rounds of interest-rate increases on March 7, sending bond yields higher and stock prices lower.

Below are lists of the day's biggest losers among the broad U.S. stock indexes. Bank stocks were hit particularly hard, as investors considered the Fed's efforts to slow the economy and a rising cost for funding. Shares of electric vehicle makers also tumbled, as you can see in the Nasdaq-100 list below.

At first glance, Powell's choice of words when speaking before the Senate Banking Committee may have seemed reasonable and measured, but investors didn't see it that way.

In his prepared remarks, Powell said: "The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated." Considering that the federal-funds target range is now 4.50% to 4.75%, up from a range of zero to 0.25% only a year ago, these words from Powell were a big deal, and the markets treated them as such.

Below is a list of stocks in the broad U.S. indexes that declined the most on March 7.

Read:What's next for stocks after Fed's Powell triggers market-rattling rate jolt

The yield on 2-year U.S. Treasury notes climbed 12 basis points for the day to 5.02%.

S&P 500

The S&P 500 was down 1.5% on March 7, with 94% of its component stocks showing declines. The benchmark index is still up 2.8% for 2023, following last year's 19.4% decline. (All price changes in this article exclude dividends.)

Here are the 20 stocks in the S&P 500 that fell the most on March 7:

Company                                 Ticker  March 7 price change  2023 price change  2022 price change 
DXC Technology Co.                       DXC                   -7.1%              -0.1%             -17.7% 
Freeport-McMoRan Inc.                    FCX                   -6.0%               5.7%              -8.9% 
Lumen Technologies Inc.                  LUMN                  -5.8%             -40.4%             -58.4% 
SVB Financial Group                      SIVB                  -5.5%              16.2%             -66.1% 
Signature Bank                           SBNY                  -5.4%              -9.0%             -64.4% 
First Republic Bank                      FRC                   -5.3%              -5.2%             -41.0% 
M&T Bank Corp.                           MTB                   -5.2%              -0.6%              -5.5% 
Fifth Third Bancorp                      FITB                  -5.2%               4.5%             -24.7% 
Citizens Financial Group Inc.            CFG                   -5.1%              -1.7%             -16.7% 
Mid-America Apartment Communities Inc.   MAA                   -4.9%              -3.2%             -31.6% 
Catalent Inc.                            CTLT                  -4.9%              50.7%             -64.8% 
Huntington Bancshares Inc.               HBAN                  -4.8%               2.5%              -8.6% 
Zions Bancorporation N.A.                ZION                  -4.8%              -5.5%             -22.2% 
Wells Fargo & Co.                        WFC                   -4.7%               7.7%             -13.9% 
PNC Financial Services Group Inc.        PNC                   -4.6%              -7.7%             -21.2% 
Truist Financial Corp.                   TFC                   -4.5%               2.4%             -26.5% 
Camden Property Trust                    CPT                   -4.4%               0.1%             -37.4% 
Boston Properties Inc.                   BXP                   -4.3%              -6.3%             -41.3% 
S&P Global Inc.                          SPGI                  -4.2%               0.5%             -29.0% 
Hasbro Inc.                              HAS                   -4.0%             -14.8%             -40.1% 
                                                                                           Source: FactSet 

Click on the tickers for more about each company, including the latest news.

Read Tomi Kilgore's detailed guide to the wealth of information for free on the MarketWatch quote page.


The Nasdaq Composite Index ended with a 1.2% decline for the day. It has risen 10.2% so far in 2023. Here are the 10 stocks in the Nasdaq-100 Index that fell the most during the trading session:

Company                              Ticker  March 7 price change  2023 price change  2022 price change 
Rivian Automotive Inc. Class A        RIVN                 -14.5%             -20.6%             -82.2% 
Lucid Group Inc.                      LCID                  -5.8%              21.7%             -82.0% 
Sirius XM Holdings Inc.               SIRI                  -5.6%             -30.5%              -8.0% 
Walgreens Boots Alliance Inc.         WBA                   -3.7%              -8.6%             -28.4% 
Illumina Inc.                         ILMN                  -3.3%               3.1%             -46.9% 
Tesla Inc.                            TSLA                  -3.1%              52.4%             -65.0% 
Charter Communications Inc. Class A   CHTR                  -3.1%               5.5%             -48.0% 
CSX Corporation                       CSX                   -2.8%              -4.2%             -17.6% 
Marvell Technology Inc.               MRVL                  -2.8%              11.0%             -57.7% 
Amgen Inc.                            AMGN                  -2.7%             -12.9%              16.7% 
                                                                                        Source: FactSet 

Shares of Rivian Automotive Inc. fell 14.5% as investors digested the prospects of dilution of their ownership positions after the company said it would raise $1.3 billion through an offering of convertible notes.

Read:GM Takes On Tesla With a New Self-Driving System

The Dow 30

The Dow Jones Industrial Average declined 575 points (or 1.7%) on March 7 to close at 32,856.46. It has now declined 0.9% this year.

On March 7, all components of the Dow were down for the session except Merck & Co. (MRK), which was up slightly.

Here's how all 30 components of the Dow performed for the day, from worst to best:

Company                                Ticker  March 7 price change  2023 price change  2022 price change 
Walgreens Boots Alliance Inc.           WBA                   -3.7%              -8.6%             -28.4% 
Caterpillar Inc.                        CAT                   -3.1%               2.7%              15.9% 
Goldman Sachs Group Inc.                 GS                   -3.1%               0.8%             -10.2% 
JPMorgan Chase & Co.                    JPM                   -2.9%               3.4%             -15.3% 
Amgen Inc.                              AMGN                  -2.7%             -12.9%              16.7% 
3M Co.                                  MMM                   -2.6%             -10.7%             -32.5% 
Home Depot Inc.                          HD                   -2.5%              -8.0%             -23.9% 
Dow Inc.                                DOW                   -2.3%              10.7%             -11.2% 
American Express Co.                    AXP                   -2.1%              18.7%              -9.7% 
Procter & Gamble Co.                     PG                   -2.0%              -9.2%              -7.3% 
Boeing Co.                               BA                   -1.9%               9.2%              -5.4% 
Intel Corp.                             INTC                  -1.8%              -3.4%             -48.7% 
Travelers Cos. Inc.                     TRV                   -1.6%              -3.8%              19.9% 
Walt Disney Co.                         DIS                   -1.6%              14.0%             -43.9% 
Visa Inc. Class A                        V                    -1.6%               7.4%              -4.1% 
International Business Machines Corp.   IBM                   -1.5%              -9.0%               5.4% 
Apple Inc.                              AAPL                  -1.5%              16.7%             -26.8% 
UnitedHealth Group Inc.                 UNH                   -1.4%             -10.6%               5.6% 
McDonald's Corp.                        MCD                   -1.3%               1.4%              -1.7% 
Chevron Corp.                           CVX                   -1.3%              -8.6%              53.0% 
Microsoft Corp.                         MSFT                  -1.1%               6.0%             -28.7% 
Cisco Systems Inc.                      CSCO                  -1.0%               2.7%             -24.8% 
Walmart Inc.                            WMT                   -1.0%              -1.8%              -2.0% 
Johnson & Johnson                       JNJ                   -0.9%             -12.8%               3.3% 
Honeywell International Inc.            HON                   -0.7%              -8.7%               2.8% 
Verizon Communications Inc.              VZ                   -0.6%              -3.8%             -24.2% 
Coca-Cola Co.                            KO                   -0.6%              -5.7%               7.4% 
Nike Inc. Class B                       NKE                   -0.5%               2.2%             -29.8% 
Salesforce Inc.                         CRM                   -0.3%              38.3%             -47.8% 
Merck & Co. Inc.                        MRK                    0.2%               0.3%              44.8% 
                                                                                          Source: FactSet 

Don't miss:20 income-building stocks that the numbers say could become elite Dividend Aristocrats

-Philip van Doorn


This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

March 07, 2023 17:00 ET (22:00 GMT)

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