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Stock Market & Financial Investment News

News Breaks
May 7, 2014
06:01 EDTECA, FCXFreeport McMoRan to sell Eagle Ford interests for $3.1B to Encana subsidiary
News For FCX;ECA From The Last 14 Days
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January 26, 2016
11:08 EDTFCXFreeport McMoRan erases earlier gains, now down 0.8% to $3.91 as call continues
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10:54 EDTFCXFreeport McMoRan says would consider selling 'any operation'
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10:45 EDTFCXFreeport McMoRan says has adequate liquidity going forward
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10:34 EDTFCXFreeport says 'confident' Indonesian government will issue export license
Says has stress tested mine operations with copper below $2/lb. Says will generate free cash flow at copper below $2/lb. Sees copper unit net cash costs down 25% in 2016. Says copper market less negative than financial market reaction. Regarding its Indonesian unit, says "discussions continue" to renew copper concentrate export permit. Says contract talks complicated by politics, says recent government demands inconsistent with past talks. Says "confident" Indonesian government will issue favorable decision, issue export license.
10:15 EDTFCXFreeport says in 'active discusssions with a number of parties' on asset sales
Says facing "serious challenges" because of what's going on in marketplace, situation with balance sheet. Says taking situation "seriously." Says experiencing "worst scenarios" right now. Says board "fully engaged," "fully supportive of what we need to do." Says "immediately" addressing balance sheet issues. Says mining business "very profitable." Says to take immediate steps to reduce debt. Says in "active discussions with a number of parties" on potential asset sales. Comments taken from the Q4 earnings conference call. Freeport McMoRan is up 3.17% to $4.07 in morning trading.
10:00 EDTECAOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Amec Foster Wheeler (AMFW) downgraded to Hold from Buy at HSBC... CVR Refining (CVRR) downgraded to Sell from Neutral at Goldman... Cenovus Energy (CVE) downgraded to Neutral from Buy at UBS... Clean Harbors (CLH) downgraded to Underperform from Market Perform at Raymond James... Core Laboratories (CLB) downgraded to Reduce from Hold at HSBC... Delek US (DK) downgraded to Neutral from Buy at Goldman... Deutsche Post (DPSGY) downgraded to Underperform from Outperform at Credit Suisse... Disney (DIS) downgraded to Neutral on reduced ESPN forecasts at Atlantic Equities... Dorian LPG (LPG) downgraded to Market Perform from Outperform at Wells Fargo... Encana (ECA) downgraded to Neutral from Buy at UBS... Fortinet (FTNT) downgraded to Hold from Buy at Deutsche Bank... Fortune Brands (FBHS) downgraded to Neutral from Outperform at Credit Suisse... General Growth (GGP) downgraded to Equal Weight from Overweight at Barclays... Golden Ocean (GOGL) downgraded to Underweight from Neutral at JPMorgan... Grupo Mexico (GMBXF) downgraded to Neutral from Overweight at JPMorgan... Halliburton (HAL) downgraded to Hold from Buy at HSBC... Marketo (MKTO) downgraded to Underperform at BofA/Merrill... Navios Maritime (NM) downgraded to Neutral from Overweight at JPMorgan... NetSuite (N) downgraded to Underperform at BofA/Merrill... OM Asset Management (OMAM) downgraded to Equal Weight at Morgan Stanley... Paylocity (PCTY) downgraded to Underperform from Neutral at BofA/Merrill... Pennsylvania REIT (PEI) downgraded to Underweight from Equal Weight at Barclays... Pinnacle West (PNW) downgraded to Hold from Buy at Evercore ISI... Public Storage (PSA) downgraded to Equal Weight from Overweight at Barclays... Red Hat (RHT) downgraded to Neutral from Buy at BofA/Merrill... Regal Entertainment (RGC) downgraded on valuation at RBC Capital... Rouse Properties (RSE) downgraded to Equal Weight from Overweight at Barclays... Star Bulk Carriers (SBLK) downgraded to Neutral from Overweight at JPMorgan... Stratasys (SSYS) downgraded to Neutral from Overweight at JPMorgan... Subsea 7 (SUBCY) downgraded to Reduce from Hold at HSBC... US Ecology (ECOL) downgraded to Market Perform from Outperform at Raymond James... USG (USG) downgraded to Underperform from Neutral at Credit Suisse... Vornado (VNO) downgraded to Equal Weight from Overweight at Barclays... Weir Group (WEIGY) downgraded to Underperform from Hold at Jefferies.
09:49 EDTFCXFreeport: Future CapEx spending dependent on improvement in market conditions
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09:15 EDTFCXOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Sprint (S), up 19.5%... Rambus (RMBS), up 8%... Freeport-McMoRan (FCX), up 11.3%... Sanmina (SANM), up 9.9%... Coach (COH), up 4.9%. ALSO HIGHER: Firstmerit (FMER), up 21.5% following the merger announcement with Huntington Bancshares (HBAN). DOWN AFTER EARNINGS: Polaris (PII), down 4.2%. ALSO LOWER: Huntington Bancshares, down 6.8% after announcing a merger with Firstmerit. Stratasys (SSYS), down 3.7% after being downgraded to Neutral from Overweight at JPMorgan.
08:13 EDTFCXFreeport McMoRan continues to evaluate alternatives for oil and gas business
Freeport McMoRan CEO Richard Adkerson said, "As we enter 2016, our clear and immediate objective is to restore FCX's balance sheet and position the company appropriately to enhance shareholder value in the current market environment. We are responding swiftly and decisively to achieve this objective." FCX will continue to focus on cost and capital management and cash flow generation from its operations under the current weak commodity price environment and is taking further immediate actions to accelerate its debt reduction plans and enhance shareholder value through pursuing asset sales and joint venture transactions. Several initiatives are currently being advanced, including an evaluation of alternatives for the oil and gas business as well as several transactions involving certain of its mining assets. FCX expects to achieve progress on these initiatives during the first half of 2016. "While we believe the physical copper market is essentially balanced, concerns about the global economy, and particularly the weakening of the Chinese economy, have dominated financial market sentiment and negatively impacted commodity prices, including copper. Oil prices have also weakened to multi-year lows in response to excess global supplies and economic conditions. Current market conditions and uncertainty about the timing of economic and price recovery require FCX to take further aggressive actions to strengthen its financial position, reduce debt and re-focus its portfolio of assets. FCX's strategy will focus on its global leading position in the copper industry. FCX will continue to manage its production activities, spending on capital projects and operations, and the administration of its business to enhance cash flows, and intends to complete significant asset sale transactions to reduce debt. FCX remains confident about the longer term outlook for copper prices based on the global demand and supply fundamentals. With its established reserves and large-scale current production base, its significant portfolio of undeveloped resources, and its global organization of highly qualified and dedicated workers and management, FCX is well positioned to generate significant asset sale proceeds while retaining an attractive portfolio of high-quality assets," the company said.
08:10 EDTFCXFreeport sees 2016 consolidated copper sales of 5.1B lbs, gold of 1.8M oz
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08:09 EDTFCXFreeport McMoRan announces additional initiatives to accelerate debt reduction
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08:04 EDTFCXFreeport reports Q4 consolidated copper sales of 1.15B lb, gold of 338K oz
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08:03 EDTFCXFreeport McMoRan reports Q4 adjusted EPS (2c), consensus (17c)
Reports Q4 revenue $3.8B, consensus $3.84B. Reports net charges totaling $4.1B, or $3.45 per share, for fourth-quarter 2015.
06:08 EDTECAEncana downgraded to Neutral from Buy at UBS
UBS analyst Michael Rimell downgraded Encana to Neutral saying the company's leverage will likely impede its ability to unlock intrinsic value. The analyst has a C$4.50 price target for the shares.
05:56 EDTFCXFreeport's copper export permit to end in Indonesia on Thursday, Reuters says
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January 25, 2016
14:29 EDTFCXNotable companies reporting before tomorrow's open
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12:00 EDTFCXEarnings Watch: Freeport-McMoRan shares down 68% since Q3 report
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11:14 EDTFCXStocks with call strike movement; FCX VXX
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08:57 EDTFCXFreeport McMoRan volatility elevated into Q4 and outlook
Freeport McMoRan January weekly call option implied volatility is at 145, February is at 114; compared to its 52-week range of 35 to 134, suggesting large near term price movement into the expected release of Q4 results on January 26.
05:19 EDTFCXStocks with implied volatility movement; SWN SCTY
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