Might start out as 11, but would probably turn in to 7 fairly quickly. The banks don't want the oil companies on their books, and they're not in the business of running a mining company either. They want cash, and they would force a liquidation of any and all assets as the big chair on a creditors committee. It would be tied up in the courts for a while, and the SP would evaporate immediately. It's best to unload the oil assets as they have planned to keep it from going into chapter 7 or 11, but any sell of the oil assets should be a mere fraction of the ridiculous amount paid for those assets, and the ability to service the existing debt is still a monumental problem. Best move is to sell now and move on.
I made money, you're losing money, that's how it works sometimes. Allow me to suggest that you dump your FCX now while you can still get double digits for it, or ride it down for another 50% loss to single digits. Wallstreet is a day trader and I have no reason to doubt that he's making money trading this dog. Keep making shet up if it makes the losses easier to handle for you. good luck.
Boardmoron65, my average basis in nvax was 3.00. My lowest price purchase was 1.25, and highest was $7.00 Doubled my money on half of the 24,000 shares I owned, kept the other half and intend to sell when it hits 20. I'm far from a great investor, but I'm not the biggest loser like you are with your fcx investment. Enjoy your losses.
Without the MMR fiasco bailout, the company would have been in a much better position to ride out the commodities collapse. Without the O&G write downs and 19 billion in debt, the metals collapse would have been painful but not fatal. Perhaps it is time for Moffett and crew to reward themselves with more bonuses and pay increases to make up for their personal losses of late.
I've been screaming sell since 33.50 where I sold it all. Cleveland has been screaming buy, buy, buy. It's lost half of its share price since this joke bought in, and somehow this dummy thinks he's taking my money. The truth is this fool of fools could have minimized his losses by selling in the low 20's recently, but instead chose to ride it down to the 12's. Beware of this pumper newbies, he's so out of it that he thinks he can pump it up all by himself.
You recently said that the share price was a reflection of looking forward and not back. Now according to you looking back is part of he problem. You were wrong then, and wrong again today. Today's selling was not about selling in ETF's and drop in copper prices. The author is right, and you are wrong again. Stop the pumping, it's not going to help you. At least you'll have a tremendous loss write off to offset against those imaginary gains in your other stocks.
Nice try to downplay your own ignorance clevelandpunk. I never shorted this stock or any other stock. I did sell this fcx trash at 33.50 and took my hit at that point as a result of the mmr bailout. I've been stating SELL since then while you have been touting it as a buy. Keep lying if it makes your losses feel better, and I'll keep laughing. Everyone should ignore your loser advice. Buy high, watch the stock drop like a rock, call everyone speaking the truth a punk or chump, and pretend your not losing your backside is the Cleveland way to investing. Your pumping here is ridiculous. My guess is that everyone on this board now knows you're a complete know nothing tool.
Jim Bob and cronies have brought this company to its knees, and they've cost shareholders nearly everything. Isn't it time for him to resign and take his buddies with him. It's the only way shareholders have a chance, let someone else try to rebuild and clean this mess up. Instead of sucking the last blood out of the company have some compassion and go away now.
Pity to those that bought on his advice. Who's the punk now Cleveland, you must be hiding under a rock. All your nonsense that you've been pumping here has been a joke. Prepare for single digits and more losses, and don't forget to send jim bob bozo a thank you card.
Moffett and his cronies are getting what they deserved for their disloyalty to FCX shareholders on the mmr bailout. The whole thing is coming crashing down. I'm sure moffett and crew will continue to get theirs through bloated salaries, options, and whatever other crapola they can dream up. Out of a sense of decency it's time for the good ole boys to step down.
Approaching the LOD, and by tomorrow who knows maybe a low for the year. Earnings release just around the corner, better duck and head for the hills. Probably time for a raise for management for the fantastic job they've done.