20 million shares or ~2% of shares outstanding traded hands...someone was selling but someone was also buying and I don't think market makers would be on the other side of $700 million. In terms of where we are going, on the one hand, I feel like the negative news concerning FCX is pretty well published - though details about meetings in Indonesia are still quiet. On the other hand, the more positive news is often discussed during the earnings calls. I feel like this earnings call is more likely to provide positive news than a negative.
Even if its positive news we will jump maybe 3%, 4% max....just back to previous highs. We then trend lower as the export ban news lingers on.. So FCX is likely stuck in the mud for another few years....its unfortunate given attractive valuations, Div Yield etc. Less risky opportunities elsewhere for investors I'm afraid.
earnings look backward. I want to hear the commentary about going forward as a good deal of their exports from Indonesia are in peril. If I hear them obfuscating the issue by citing it is under legal review, it may be time to go short. I cannot believe there is little commentary on this board about what is going on. From what I gather they have shut down exports in total because of the pending export taxes. If they did not see this coming, I question their stewardship. All IMO of course as I have no facts beyond what I see reported in the press and we know a good deal of that info is planted by those with agendas.
seems they have stopped underground (small volume) but are still mining but open pit but not exporting any concentrate. Contract arbitration seems inevitable and a complete shutdown is a possibility - what a mess for a country of this size to get in to.
I had high hopes for this stock with 2014 guidance being provided next week. Seems the Indonesia problem is big - my guess is the current contract will be enforced by FCX and this will mess up what looked like a productive year for Grasberg. At least we have some cushion now with safe US O&G - lets hope for something good on that front.