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Freeport-McMoRan Inc. Message Board

  • bSmith8592 bSmith8592 Jan 26, 2000 3:28 PM Flag

    Why did the stock price slide $5

    2 weeks down 20% any comments why?

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    • Bottomfisher1, thanks for the info. That is indeed excellent news. I haven't received my revised 1099 yet but I certainly look forward to doing so.

    • Yesterday, I, without notice, received a 1099 for
      my brokerage account showing the 12.5% CASH dividend
      on FCX_PD rescinded, and the equivalent in dollars
      received as a SALES transaction. So all seems OK and my
      need to write a note to the IRS no longer exists.---I
      will summarize the situation. 1)In August they
      credited my account with a taxable cash dividend from FCX
      for both the true quarterly dividend amount and the
      amount of the sale of 12.5% of my FCX_PD stock. 2)Three
      times I complained, presenting them with evidence, that
      the larger amount was not an ordinary dividend; and
      each time they refused to change the nature of the
      distribution. 3)Two months after I had stopped complaining, a
      1099 arrived showing withdrawal of the original
      dividend as a fully taxable payout, while entering the
      same amount in the account as a transaction subject to
      capital gains treatment.---Now, no problems, I'm a happy

    • Nice move today in the gold-denominated preferred. Those who thought the B was a no brainer at $15 last Summer have seen a 50% move.

    • I have some additional information. I've been so
      concerned about this that I called FCX's IR department and
      spoke with a staff associate of Paul Connelly. Her name
      is Pat (sorry didn't catch her last name). She told
      me that ALL of the 1099's are incorrect with respect
      to FCX-D redemption. I hope she's

      Apparently the 3rd party organization they use to
      communicate 1099 information to brokerages and clearing
      houses made a mistake. She stated that new 1099s should
      be issued in the near future identifying the
      redemption as a return of capital, hence appearing on the
      1099B section.

      My broker has no knowledge of
      this change yet and does not expect a change to occur
      at the earliest for 3 weeks. It'll be a long 3

      I encourage you and all FCX-D investors so inclined
      to contact FCX IR (Paul Connelly or Chris Sammons).
      I do not have Connelly's direct number but Sammons'
      is listed as (504) 582-4474.

    • Same thing has happened to me. I copied the
      letter saying that the August distribution was a capital
      gains event, and the broker will not change my 1099.
      Three times I have pleaded with the brokerage HQ, and
      still no dice. I am going to do two things. 1) For
      1999, I will compose a note to the IRS explaining the
      situation, and I will place the distribution on Schedule D
      not Schedule B. 2) I will now call out the FCX_PD
      stock from street name to my ownership so that this
      does not occur for the year 2000. BTW I will do the
      same for FCX_PC before June, 2003.

    • Copper prices are off about $0.02 per pound; gold
      is down about $5 per ounce; FCX is mining lower
      grades (always anticipated in its long-range mine plan);
      and the metals sector is in a sharp downturn overall
      (gold, copper, aluminum, nickel, steel) during this

13.46+0.45(+3.46%)Oct 8 4:03 PMEDT