Following its record breaking previous quarter, shares of Randgold Resources (NASDAQ: GOLD) continues to get pummeled by investors after its latest quarter results revealed the company profits were down by 28 percent and its gold production down 13 percent over the previous quarter.
So far it hasnt mattered to investors that the company profits were up 126 percent over the first quarter of 2011.
That hasn't influenced JPMorgan Chase (NYSE: JPM), which upgraded it from an "Underweight" rating to a "Neutral" rating.
Since its report on May 3, Randgold had plunged from $86.40 a share down to $77.37 a share, as of 1:56 PM EDT. It is down $3.55, or 4.39 percent on the day so far.
It appears the company is now being oversold.
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