CEO and president of Freeport-McMoRan Oil & Gas, just bought 1 million shares of his company's stock
The company I'd like to take a look at today is Freeport-McMoRan Copper & Gold (FCX).
According to regulatory filings, James C. Flores, CEO and president of Freeport-McMoRan Oil & Gas, just bought 1 million shares of his company's stock. To be clear -- this was not an "acquisition" or an exercise of stock options -- this was a buy order. So the questions that immediately arise are "Why now?" and "What does the future look like for the company?"
Iroc - this occurred about 6 weeks ago after Flores's company, PXP, was bought by FCX. The stock was also bought at over $31/share. So his timing could have been better. You have great questions, which were also raised on this board when it happened. Right now only time will tell. Hopefully we will get a glimpse of it at earnings.