The Globe and Mail reports in its Thursday, Nov. 15, edition that Iamgold tumbled $2.90 to finish Wednesday in Toronto at $11.98. The Globe's Martin Mittelstaedt writes that Iamgold shares took a negative turn following after the gold producer reported weaker-than-expected third quarter earnings and announced a major reduction in its production outlook for next year. Operating profit in the quarter fell to 16 cents a share, down almost half from 30 cents earned in the same period a year ago. The consensus estimate among analysts had been 24 cents. Veritas Investment Research analyst Pawel Rajszel says in the current market "investors shoot first and ask questions later." On Wednesday Mr. Rajszel issued a "sell" rating on Iamgold, with a $13 target. Iamgold said gold output this year will be "at the lower end" of its guidance of 840,000 to 910,000 ounces. For next year the company is expecting between 875,000 to 950,000 ounces, a major reduction from previous forecasts that ranged up to 1.1 million ounces. Iamgold president Steve Letwin attributed the poor results to output shortfalls and high costs at two mines where the company has an ownership interest, but does not operate the projects.