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Stock Market & Financial Investment News

News Breaks
December 5, 2012
08:46 EDTFCX, MMRFreeport McMoRan acquires McMoRan Exploration for $3.4B in cash
Freeport McMoRan (FCX) said it has agreed to acquire McMoRan Exploration (MMR) for per-share consideration consisting of $14.75 in cash and 1.15 units of a royalty trust, which will hold a 5% overriding royalty interest in future production from MMR’s existing ultra-deep exploration properties. The cash consideration of $14.75 per share represents a premium of 74% to the MMR closing price on December 4. The cash portion of the transaction totals $2.1B, excluding payment for MMR interests currently held by FCX and PXP. The cash premium, excluding interests held by FCX and PXP, totals approximately $900M. The transaction is subject to the approval of the shareholders of MMR, including the approval of an amendment to MMR’s certificate of incorporation, receipt of regulatory approvals and customary closing conditions.
News For FCX;MMR From The Last 14 Days
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July 25, 2014
10:30 EDTFCXFreeport announces resumption of exports from Indonesian subsidiary
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10:28 EDTFCXFreeport announces resumption of exports from Indonesian subsidiary
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July 24, 2014
10:03 EDTFCXOn The Fly: Analyst Downgrade Summary
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07:45 EDTFCXFreeport McMoRan downgraded at BofA/Merrill
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06:10 EDTFCXFreeport McMoRan downgraded to Neutral from Buy at BofA/Merrill
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July 23, 2014
10:40 EDTFCXFreeport McMoRan expects $4B-$5B in asset sales to accelerate debt reduction
Meanwhile, Freeport McMoRan expects to buy additional interest in deepwater Gulf of Mexico in hundreds of millions to add to the company's potential. The company says delays in obtaining approvals would result in monthly deferral of 50M lbs of copper and 80,000 ounces of gold. It sees positive global demand for the copper market, with China remaining solid. It sees the market will be helped by general economic recovery and Europe gradually strengthening from a low base. The supply side will create tightness, however, as more companies defer projects. The long-term fundamentals for copper, though, support a positive outlook. Expects first production at Lucius to be in 2H14 with a potential of more than 300 MMBoe gross resource potential. Expects first production at Heidelberg to be in mid-2016 with 200-400 MMBoe gross resource potential. Comments taken form Q2 earnings conference call.
08:13 EDTFCXFreeport McMoRan says encouraged by talks with the Indonesian government
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08:08 EDTFCXFreeport McMoRan sees FY14 operating cash flows $6.8B
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08:06 EDTFCXFreeport McMoRan sees Q3 copper sales 1.1B lb, gold sales 445K oz
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08:05 EDTFCXFreeport McMoRan sees FY14 copper sales 4.1B lb, 1.3M oz gold
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08:03 EDTFCXFreeport McMoRan reports Q2 EPS 46c, consensus 51c
Reports Q2 revenue $5.52B, consensus $5.34B. Consolidated sales for Q2 totaled 968M pounds of copper, 159K ounces of gold, 25M pounds of molybdenum and 16.0M barrels of oil equivalents, compared with 2Q13 sales of 951M pounds of copper, 173K ounces of gold, 23M pounds of molybdenum and 5.0 MMBOE reflecting oil and gas results beginning June 1, 2013.
July 22, 2014
15:30 EDTFCXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include PepsiCo (PEP) , consensus $1.23; Boeing (BA), consensus $2.01; Dow Chemical (DOW), consensus 72c; EMC (EMC), consensus 43c; Simon Property Group (SPG), consensus $2.13; Thermo Fisher (TMO), consensus $1.62; General Dynamics (GD), consensus $1.77; Freeport-McMoRan (FCX), consensus 49c; Delta Air Lines (DAL), consensus $1.04; Northrop Grumman (NOC), consensus $2.22; Whirlpool (WHR), consensus $2.91; B/E Aerospace (BEAV), consensus $1.07; Ryder (R), consensus $1.40; Owens Corning (OC), consensus 46c.
14:08 EDTFCXEarnings Preview: Freeport McMoRan sentiment positive ahead of Q2 report
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July 17, 2014
07:42 EDTFCXThe Federal Energy Regulatory Commission (FERC) to hold a meeting
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