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Stock Market & Financial Investment News

News Breaks
December 5, 2012
08:50 EDTFCX, PXP, MMRFreeport to buy Plains Exploration for $6.9B, McMoRan Exploration for $2.1B
Freeport-McMoRan Copper & Gold (FCX) announced definitive merger agreements under which FCX will acquire Plains Exploration & Production Company (PXP) for approximately $6.9B in cash and stock and FCX will acquire McMoRan Exploration (MMR) for approximately $3.4B in cash, or $2.1B net of 36% of the MMR interests currently owned by FCX and PXP. Upon closing, MMR shareholders will also receive a distribution of units in a royalty trust which will hold a 5% overriding royalty interest on future production in MMR’s existing shallow water ultra-deep properties. The combined company is expected to be a premier U.S.-based natural resource company with an industry leading global portfolio of mineral assets, significant oil and gas resources and a growing production profile. FCX has agreed to acquire PXP for per-share consideration consisting of 0.6531 shares of FCX common stock and $25.00 in cash, equivalent to total consideration of $50.00 per PXP share, based on the closing price of FCX stock on December 4. This represents a premium of 39% to the PXP closing price on December 4, and 42% to its one-month average price at that date. PXP shareholders may elect to receive cash or stock consideration, subject to proration in the event of oversubscription, with the value of the cash and stock per-share consideration to be equalized at closing. Aggregate consideration to the PXP shareholders is expected to consist of approximately $3.4B in cash and approximately 91M shares of FCX common stock. FCX has agreed to acquire 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, and 31% to its one-month average price at that date. 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. In pre-market trading after the deal was confirmed, after being reported by Financial Times and The Wall Street Journal, shares of Freeport are down about 14% to $32.90. Meanwhile, shares of Mcmoran Exploration are higher by over 74% to $14.75 and Plains Exploration is up 24% to $44.73.
News For FCX;PXP;MMR From The Last 14 Days
Check below for free stories on FCX;PXP;MMR the last two weeks.
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August 14, 2014
17:16 EDTFCXPaulson & Co gives quarterly update on stakes
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10:05 EDTFCXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Adidas (ADDYY) downgraded to Neutral from Buy at Goldman... Fabrinet (FN) downgraded at B. Riley... Freeport McMoRan (FCX) downgraded at Stifel... Infosys (INFY) downgraded to Hold from Buy at Jefferies... InterMune (ITMN) downgraded to Neutral from Buy at Goldman... Jones Energy (JONE) downgraded to Neutral from Overweight at JPMorgan... LVMH Moet Hennessy (LVMUY) downgraded to Neutral from Buy at Goldman... Madison Square Garden (MSG) downgraded to Hold from Buy at Topeka... Qualys (QLYS) downgraded to Sector Perform from Outperform at RBC Capital... SeaWorld (SEAS) downgraded to Market Perform from Outperform at Wells Fargo... Theravance Biopharma (TBPH) downgraded to Underperform from Neutral at RW Baird... URS Corporation (URS) downgraded to Neutral from Buy at Sterne Agee... ViaSat (VSAT) downgraded to Perform from Outperform at Oppenheimer... Wynn Resorts (WYNN) downgraded to Hold from Buy at Gabelli.
07:52 EDTFCXFreeport McMoRan downgraded at Stifel
As previously reported, Stifel downgraded Freeport McMoRan to Hold from Buy. The firm downgraded shares due to valuation.
06:18 EDTFCXFreeport McMoRan downgraded to Hold from Buy at Stifel
August 11, 2014
10:19 EDTFCXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Achillion (ACHN) upgraded to Outperform from Market Perform at Wells Fargo... Alon USA Partners (ALDW) upgraded to Outperform from Neutral at Credit Suisse... Buenaventura (BVN) upgraded to Buy from Underperform at BofA/Merrill... CNO Financial (CNO) upgraded to Overweight from Equal Weight at Morgan Stanley... Central European Media (CETV) upgraded to Neutral from Sell at Goldman... Cepheid (CPHD) upgraded to Neutral from Cautious at ISI Group... Chuy's (CHUY) upgraded to Outperform from Market Perform at Raymond James... Compressco (GSJK) upgraded to Strong Buy from Market Perform at Raymond James... Concho Resources (CXO) upgraded to Overweight from Equal Weight at Stephens... Frank's International (FI) upgraded to Neutral from Sell at Goldman... Freeport McMoRan (FCX) upgraded to Buy from Hold at Argus... GNC Holdings (GNC) upgraded to Outperform from Neutral at Credit Suisse... Genworth (GNW) upgraded to Equal Weight from Underweight at Morgan Stanley... Gulfport Energy (GPOR) upgraded at Stifel... Huntington Ingalls (HII) upgraded to Buy from Neutral at UBS... Hyatt Hotels (H) upgraded at Stifel... J.C. Penney (JCP) upgraded to Hold from Sell at Craig-Hallum... Kinder Morgan (KMI) upgraded to Buy from Neutral at BofA/Merrill... Krispy Kreme (KKD) upgraded to Outperform from Neutral at Wedbush... Oasis Petroleum (OAS) upgraded to Buy from Neutral at Sterne Agee... PepsiCo (PEP) upgraded to Buy from Neutral at UBS... Regency Centers (REG) upgraded to Neutral from Underperform at BofA/Merrill... SandRidge Energy (SD) upgraded to Reduce from Sell at KLR Group... Southwest Gas (SWX) upgraded to Buy from Hold at Brean Capital... Tesla (TSLA) upgraded to Buy from Hold at Deutsche Bank.
07:25 EDTFCXFreeport McMoRan upgraded to Buy from Hold at Argus
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August 7, 2014
12:19 EDTFCXFreeport McMoRan exploring sale of California onshore oil assets, Reuters says
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12:00 EDTFCXFreeport McMoRan exploring sale of California onshore oil assets, Reuters says
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