FCX spent a lot of money buying companies under the future premise of 1500. dollar a oz gold and 3.25 an oz copper, among other things. As usual those proformas were pipe dreams. The best thing for FCX is to do is wait, go bk, then reinvent themselves and move forward.
Once FCX breaks 5 dollars a share, making it un-marginable, it probably break it to 3 dollars. We are in a period of deflation. FCX is a asset play. These assets are not that cheap yet. The problem with FCX isnt just deflation. It is it's massive debt. If they go BK i am sure the major holders will figure out a way to steal their money back.