|Bid||10.09 x 42300|
|Ask||10.14 x 29200|
|Day's Range||9.93 - 10.17|
|52 Week Range||9.60 - 18.38|
|Beta (3Y Monthly)||1.46|
|PE Ratio (TTM)||7.59|
|Forward Dividend & Yield||0.20 (1.55%)|
|1y Target Est||N/A|
Freeport-McMoRan (FCX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Freeport (FCX) and its partners to retain the remaining cobalt business along with operations and sales offices in the United States, Europe and Asia.
Miners Approach 52-Week Lows as Trade War Heat IntensifiesMiners’ returns todayUS equity markets are in the red today amid the escalation in the US-China trade war. Metals and mining stocks have especially come under pressure, and the SPDR
Another salvo from China in the ongoing trade war is sinking U.S. stock futures this morning. This time it was comments from Ministry of Commerce spokesperson Gao Feng calling for the U.S. to "adjust its wrong actions" that sent stocks skidding.Futures on the Dow Jones Industrial Average are down 0.91%, and S&P 500 futures are lower by 0.86%. Nasdaq-100 futures have lost 1.14%.In the options pits, put volume almost eclipsed calls yesterday while overall volume settled near average levels. Specifically, about 15.4 million calls and 15.2 million puts changed hands on the session.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe pop in put demand made a big impact over at the CBOE. The single-session equity put/call volume ratio rocketed back to 0.72. Meanwhile, the 10-day moving average inched back up to 0.72.Options traders zeroed in on earnings announcements yesterday. Lowe's (NYSE:LOW) shares cratered after the company missed earnings estimates and lowered forward guidance. Target (NYSE:TGT) took the opposite route, rallying almost 8% after smashing expectations. Finally, Freeport-McMoRan (NYSE:FCX) fell to a five-month low amid continued selling pressure in metal stocks.Let's take a closer look: Lowe's (LOW)Lowe's stepped up to the earnings plate yesterday morning and whiffed. The home construction giant reported earnings-per-share of $1.22 on $17.74 billion in revenue. Analysts were forecasting earnings of $1.34 on $17.7 billion revenue. Forward guidance was also disappointing with the company cutting fiscal year earnings guidance from over $6 to $5.45 - $5.65. * 10 Names That Are Screaming Stocks to Buy LOW stock fell as low as 14% before battling back to close the day down 11.8%. Over 22.7 million shares changed hands on the session marking the highest volume day since last August. The down gap has completely upended the stock's uptrend, driving it from above all major moving averages to below in a single session. Bears now control the chart so consider all future rallies suspect.On the options trading front, calls and puts proved equally popular on the day. Total activity zoomed to 1,212% of the average daily volume, with 116,402 contracts traded. Calls accounted for 51% of the tally.Heading into the report, premiums were forecasting a move of $4.93 or 4.4%. That makes the actual gap a massive outlier bringing untold pain to traders swinging short volatility trades like iron condors into the number. By day's end, implied volatility fell to 26% landing it at the 29th percentile of its one-year range. Target (TGT)Target shared the spotlight with Lowe's Wednesday morning. Unlike the latter, though, Target was able to deliver. For the first quarter, the company earned $1.53 per share, handily beating analyst calls for $1.43. Revenue also came in ahead of expectations at $17.62 billion versus $17.5 billion.Both measures marked robust growth from the same quarter last year. While sales jumped 5%, earnings grew by 15.9%. Yesterday's buying binge erased much of what was lost during the stock's recent slide. TGT stock closed the session up 7.8% amid heavy volume. Overhead resistance at $78.50 ultimately halted the rally. I suggest waiting for a break above this level before deploying bullish trades.On the options trading front, traders aggressively chased calls all day. Activity swelled to 458% of the average daily volume, with 129,630 total contracts traded; 69% of the trading came from call options alone.Traders were looking for a move of $3.94 or 5.5% ahead of the report, so chalk up the 7.8% pop as a win for volatility buyers. Implied volatility sank to 24% or the 19th percentile of its one-year range. Premiums are now pricing in daily moves of $1.18 or 1.5%. Freeport-McMoran (FCX)Metal and mining stocks have been sinking like a stone, and Freeport-McMoran might as well be the poster child. Since peaking last month at $14.68, FCX stock has cratered 31%, placing it a stone's throw from multi-year lows. The news was light this week, but that didn't prevent a surge in options activity landing the company on the leaderboard.Here's a quick technical analysis take. Its price trend is ugly and sits beneath all moving averages. With multiple resistance zones overhead, rallies are suspect. Volume patterns favor sellers with multiple distribution days over the past month showing institutions are net sellers. The next major support zone looms at $9.70, so consider that the first downside target. * The 7 Best Penny Stocks to Buy On the options trading front, traders favored calls despite the day's thrashing. Activity ramped to 172% of the average daily volume, with 81,899 contracts traded. Calls claimed 83% of the total.The uptick in demand drove implied volatility higher on the day to 45%, placing it at the 32nd percentile of its one-year range. Premiums are now baking in daily moves of 29 cents or 2.9%.As of this writing, Tyler Craig didn't hold a position in any of the aforementioned securities. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 6 Stocks to Buy for This Decade's Massive Megatrend * The 7 Best Stocks to Buy From the IPO ETF * 7 Athletic Apparel Stocks With Marathon Pace Compare Brokers The post Thursday's Vital Data: Lowe's, Target and Freeport-McMoRan appeared first on InvestorPlace.
US copper miner Freeport-McMoRan has sold its cobalt refinery in Finland to Belgium’s Umicore for $150m. The Phoenix-based company said Umicore would buy the Kokkola refinery and an associated battery materials business. It follows the sale by Freeport of its giant Tenke cobalt and copper mine in the Democratic Republic of Congo to China Molybdenum in 2016.
“This is government-sponsored gambling with public lands,” said Kate Kelly, director for public lands at the Center for American Progress, a liberal think tank. The center analyzed government data and calculated that leases spanning more than 2.9 million acres of U.S. lands have been purchased through this non-competitive process since 2009. The practice has surged as President Donald Trump has touted American “energy dominance” and made more territory available for drilling.
Jon Najarian spoke on CNBC's "Fast Money Halftime Report" about unusually high options activity in KraneShares CSI China Internet ETF (NYSE: KWEB ). He noticed that traders bought 9,000 contracts ...
The Senate's Energy and Natural Resources Committee held a hearing on the American Mineral Security Act, which would help streamline regulation and permitting requirements for the development of mines for lithium, graphite and other EV minerals. The pending legislation would require a tally of metal reserves in the United States and seek to streamline permitting for the EV sector, an area where China already leads by a wide margin. The bipartisan legislation, which seeks in part to codify a late 2017 executive order on U.S. mineral development by President Donald Trump, was sponsored by U.S. senators Lisa Murkowski, Joe Manchin and others.
Freeport-McMoRan Inc NYSE:FCXView full report here! Summary * Perception of the company's creditworthiness is negative and weakening * ETFs holding this stock have seen outflows over the last one-month * Bearish sentiment is low * Economic output in this company's sector is expanding Bearish sentimentShort interest | PositiveShort interest is low for FCX with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | NegativeETF activity is negative. Over the last one-month, outflows of investor capital in ETFs holding FCX totaled $10.46 billion. Additionally, the rate of outflows appears to be accelerating. Economic sentimentPMI by IHS Markit | PositiveAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Basic Materials sector is rising. The rate of growth is weak relative to the trend shown over the past year, but is accelerating. Credit worthinessCredit default swap | NegativeThe current level displays a negative indicator with a weakening bias over the past 1-month. FCX credit default swap spreads are rising towards their highest levels for the past 1 year, which indicates the market's more negative perception of the company's credit worthiness.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
What Could Have Prompted Trump’s Sudden Tariff Hike Decision(Continued from Prior Part)MinersDonald Trump has stepped up his trade rhetoric by hiking up the tariff on $200 billion in Chinese goods to 25%. He has also threatened a 25% tariff on
The ratings on the five P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. Moody's rating action reflects a base expected loss of 6.0% of the current pooled balance, the same as at Moody's last review. Moody's base expected loss plus realized losses is now 5.7% of the original pooled balance, compared to 5.9% at Moody's last review.
Freeport McMoRan (NYSE:FCX) delivered first-quarter results April 25 before the markets opened. Investors didn't like the news, so FCX stock plunged 10% on the day. Source: Nick Bastian via Flickr (Modified)InvestorPlace - Stock Market News, Stock Advice & Trading TipsHowever, investors who bought Freeport McMoRan stock at the end of 2018 are still up by almost 20%, including dividends, in 2019. * 7 Stocks to Buy That Ought to Buy Back Shares Now many owners of FCX stock are wondering if the mediocre report means it's time to take profits or buy more on weakness.Here are my thoughts about both sides of the argument. Cut and Run From FCX StockFreeport McMoRan's first-quarter results are best described as mediocre. On the top line, it delivered revenues of $3.79 billion, 0.66% lower than analysts' consensus estimate. On the bottom line, Freeport McMoRan's earnings per share came in at $0.05, three cents lower than analysts' average outlook. It's never good when a company misses the consensus estimate by more than 30%. What's worse is that this is the second consecutive time that FCX's results have missed badly. Its Q4 EPS came in at $0.11, 48% less than analysts' consensus estimate. As for the future, analysts, on average, expect Q2 earnings of $0.15 and revenue of $4.04 billion; for fiscal 2019, they expect revenue of $15.01 billion and EPS of $0.50. That's not too bad until you realize that FCX had revenue of $18.6 billion and EPS of $1.78 in 2018. There's a reason for the significant haircut in 2019.Specifically, FCX is beginning to tap a new, underground mine in its open-pit gold and copper district in Indonesia, one of the world's largest deposits of copper and gold. Moving to the new mine will enable FCX to continue to mine in the area until at least 2041.As PT Freeport Indonesia (PTFI) president Tony Wenas said in December, the underground mine is critical to PTFI's future success. As a result of the transition,the owners of FCX stock can expect lower revenues and earnings until at least 2021. Any owners of FCX stock who don't have the patience to wait this out should sell their shares because FCX could experience more pain between now and when it announces its second-quarter results in July. Buy More FCX Stock On the surface, Freeport McMoRan's earnings report looks terrible. Its Q1 revenue tumbled 22% year-over-year, while its overall costs were $62 million higher. That led to operating income of just $321 million, 78% lower than a year earlier. I get it. You can't put lipstick on a pig. However, its slump should be temporary. Once the underground mine is operating at full production and copper prices rise a little, Freeport McMoRan's Indonesian business will once again become a big moneymaker for FCX. In Q1 of 2018, the company's Indonesian business reported an operating profit of $896 million. Last quarter, its operating profit fell to $72 million, due to the transition. But the numbers will improve going forward. "As PT-FI transitions mining from the open pit to underground, its production is expected to be significantly lower in 2019 and 2020, compared with 2018. Metal production is expected to improve significantly by 2021 following a ramp-up period," FCX stated in a press release following its Q1 results.Over the next five years, the company expects production to ramp up to 130,000 metric tons of ore per day. Since copper is a significant component of electric vehicles -- the average electric vehicle uses three times as much copper as a conventional vehicle -- the future is going to be brighter for copper producers such as Freeport McMoRan. Citigroup predicts that electric cars will account for two-thirds of the increased demand for copper between 2018 and 2030.Any further dip in the price of FCX stock is an opportunity to profitably bet on electric vehicles without buying Tesla (NASDAQ:TSLA) or one of the other electric-vehicle manufacturers. The Bottom Line on FCX StockIf you can afford to hold FCX stock for three to five years, the current dip in its price is a buying opportunity. If Freeport-McMoRan stock falls below $10, where it's traded only once in the past five years, it would be an absolute steal. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 7 A-Rated Stocks That Are Under $10 * 3 Scorching Hot Bank Stocks to Consider Now * 10 Stocks to Sell Before They Give Back 2019 Gains * 7 Stocks to Buy That Ought to Buy Back Shares Compare Brokers The post Should Freeport McMoRan Stock Be Bought on Weakness? appeared first on InvestorPlace.
Freeport-McMoRan: What to Expect after Last Week’s Sell-Off(Continued from Prior Part)Growth outlookFreeport-McMoRan (FCX) fell sharply after its first-quarter earnings miss. While the stock is still up 22% for the year, it’s 32% below its
Freeport-McMoRan: What to Expect after Last Week’s Sell-OffFreeport-McMoRan Freeport-McMoRan (FCX), the leading US-based copper miner (XME), saw a selling spree after its first-quarter earnings were released. The company missed the mark on most of
Freeport-McMoran: Key Takeaways from Its Q1 Earnings(Continued from Prior Part)Freeport-McMoRan’s earningsFreeport-McMoRan (FCX) reported its first-quarter earnings on April 25. The company reported an adjusted EPS of $0.05 in the quarter, which
Freeport-McMoRan Inc, the world's largest publicly traded copper producer, posted a lower-than-expected quarterly profit on Thursday due to slipping production and prices for the red metal, sending shares down more than 9 percent. The results come amid a more than $15 billion project to expand Indonesia's Grasberg copper and gold mine from an open pit to an underground operation, a complex and time-intensive process that is nevertheless essential to help Freeport stem an erosion in production. The stock had gained about 35 percent since January, outpacing copper prices.
Freeport-McMoran: Key Takeaways from Its Q1 EarningsCopper shipments On April 25, Freeport-McMoRan (FCX) reported its first-quarter earnings. The company reported revenues of $3.79 billion in the first quarter—compared to $3.68 billion in the