Why Cameco Stock Rocketed as Much as 22% Today

Why Cameco Stock Rocketed as Much as 22% Today

What happened

Shares of uranium miner Cameco ( NYSE:CCJ ) rose as much as 22% in early trading on Monday. The big news doesn’t appear to be related to any Reddit board, but to a more mundane Wall Street phenomenon: an analyst update. So what

Pure-play uranium miners like Cameco have been struggling through a period of very low uranium prices, following the Fukushima reactor meltdown in Japan. Although the energy commodity’s price has picked up somewhat over the last year, it remains well below peak levels. A part of the problem is that, despite the fact that nuclear power does not produce carbon emissions, it is often maligned as an undesirable option. Large disasters, while rare, are the main culprit for that. Image source: Getty Images. However, Bank of America (NYSE: BAC) has suggested that the closure of U.S. nuclear power plants may be delayed past 2030. That […]

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