Weakness Seen in Freeport-McMoRan (FCX): Stock Falls 5.2%
Freeport-McMoRan Inc. (FCX) saw a big move last session, as the company’s shares fell by over 5% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for FCX, as the stock is now down nearly 27% since Nov 21.
This slump shouldn’t be too much of a surprise to investors, as the natural resource company has seen 2 negative revisions in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
FCX currently has a Zacks Rank #5 (Strong Sell) while its Earnings ESP is negative.
Some better-ranked stocks from the broader Basic Material sector include Alcoa Inc. (AA), Dominion Diamond Corporation (DDC) and MAG Silver Corp. (MVG). All these stocks hold a Zacks Rank #2 (Buy).
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FREEPORT MCMORAN INC (FCX): Free Stock Analysis Report
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