$1.00 ex-dividend makes the starting price $29.32....hence $29.68 is UP 36 cents even though it "looks" like it is DOWN 64 cents.
Psychologically, it might not be good for FCX since it appears to have slammed through support.
We will have to wait and see.
Would you be kind enough to explain this to me...I always thought that the share price remained the same and the dividend was a bonus...if the share price goes down a $1.00 and we receive a $1.00 as a dividend...it's a wash...what am I missing?...thanks.
AmercianBullyBear made good succinct comment. Plus, you will be paid $1.3125 per share at the $1.00 deduction on July 1st. Normally, FCX would pay at the $.3125 and lowered the .3125 on Ex-Date for both current investors or new investors to purchase the stock at a lower price; hence, more buyers than seller to bring the stock price-back-up (The ideal goal). This is a pretty good deal.
Furthermore, if you decide to be long, and you like to have some safe-return-income while your money sits and waits for that golden profit, then this is also best because FCX dividend is Qualified meaning Lower-Tax-Rate.
Louie, companies distribute dividends in several ways...cash is one way....stock distribution is another way (think stock split). Whenever they distribute dividends, the stock adjusts for the distribution. Today was cash...so now you have $1.00 in YOUR pocket, but the shares are worth a dollar less. If the distribution had been in stock (say a 2 for 1 split where you get an extra share of stock for every share you won), you would own twice as many shares but they would be worth half as much as prior to the split.
The motto: NOTHING IS FREE....BUT....you now have $1 more for each share you own, so can spend it or buy more FCX for $1 less/share with a great chance of appreciation IMO.
Hope this helps.