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Stock Market & Financial Investment News

News Breaks
December 5, 2012
11:57 EDTFCX, MMR, PXPFreeport CEO stresses confidence in future of Grasberg Mine
On the deal conference call the the Freeport CEO stressed that the company did not do this oil and gas deal because of fear of resource nationalization in any of the company's international operations.
News For FCX;PXP;MMR From The Last 14 Days
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February 12, 2016
12:09 EDTFCXU.S. Energy reports sale of Mt. Emmons mine site to Freeport subsidiary
U.S. Energy (USEG) announced that it entered into an acquisition agreement with Mt. Emmons Mining, or MEM, a subsidiary of Freeport-McMoRan (FCX), whereby MEM acquired the company's Mt. Emmons mine site located in Gunnison County, Colorado, including the Keystone Mine, a related water treatment plant and other related properties. Under the agreement, MEM will replace the company as the owner and permittee of the water treatment plant, the associated mining assets and will discharge the obligation of the company to operate the water treatment plant upon closing. Concurrent with entry into the agreement, and as additional consideration for MEM to accept transfer of the properties, the company entered into a Series A Convertible Preferred Stock Purchase Agreement, pursuant to which the company issued 50,000 shares of newly designated convertible preferred stock with a cumulative noncash dividend to MEM. With the divestiture of the Mount Emmons Mining operations, U.S. Energy Corp. will have eliminated its mining related operating costs of approximately $3M per year, a portion of which relates to operation of the water treatment plant. Coupled with the overhead reduction of $4M at year end 2015, approximately $7M savings can be realized on an annualized basis. "The reductions have been implemented to support the ongoing business plan of U.S. Energy Corp. during this industry downturn and low commodity price environment," the company said. CEO David Veltri added, "This transaction will end our mining activities and together with the earlier reductions and savings will position U.S. Energy to execute our strategy to transform the company to profitability and to grow our oil and gas assets during 2016 and beyond."
February 10, 2016
09:00 EDTFCXFreeport has substantial value, deleveraging potential, says Cowen
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February 9, 2016
09:07 EDTFCXIndonesia will allow Freeport to renew export permit, Bloomberg reports
Indonesia's government has issued a recommendation for Freeport-McMoRan to renew its export permit, which will pave the way for the company to resume shipments from its Grasberg copper and gold mine, reported Bloomberg. Reference Link
07:39 EDTFCXFreeport McMoRan price target raised to $6.50 from $5 at Jefferies
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February 5, 2016
15:59 EDTFCXOptions Update; February 5, 2016
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February 4, 2016
15:59 EDTFCXOptions Update; February 4, 2016
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February 3, 2016
10:00 EDTFCXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AIG (AIG) downgraded to Market Perform from Outperform at William Blair... Credit Acceptance (CACC) downgraded to Underperform at Raymond James... CIT Group (CIT) downgraded to Neutral from Buy at Citi... Cobalt (CIE) downgraded at Stifel... Cypress Energy (CELP) downgraded to Outperform from Strong Buy at Raymond James... Freeport McMoRan (FCX) downgraded on weak near-term outlook at Argus... Gastar Exploration (GST) downgraded to In-Line from Outperform at Imperial Capital... Intersil (ISIL) downgraded to Sell from Neutral at Citi... LyondellBasell (LYB) downgraded to Outperform from Top Pick at RBC Capital... Marriott (MAR) downgraded to Market Perform from Outperform at Wells Fargo... Microchip (MCHP) downgraded to Sell from Neutral at Goldman... Morgan Stanley (MS) downgraded to Underweight from Neutral at Atlantic Equities... Navios Maritime Partners (NMM) downgraded to Hold from Buy at Deutsche Bank... Peapack-Gladstone (PGC) downgraded to Hold from Buy at Sandler O'Neill... QIWI (QIWI) downgraded to Market Perform from Outperform at William Blair... STORE Capital (STOR) downgraded to Neutral from Buy at Ladenburg... Spark Energy (SPKE) downgraded to Neutral from Outperform at Baird... Stone Energy (SGY) downgraded to In-Line from Outperform at Imperial Capital... SunEdison Semiconductor (SEMI) downgraded to Sell from Neutral at Goldman... Teradyne (TER) downgraded to Neutral from Buy at Goldman... Texas Instruments (TXN) downgraded to Sell from Neutral at Goldman... UBS (UBS) downgraded to Sector Perform from Outperform at RBC Capital... Whiting Petroleum (WLL) downgraded on oil price outlook at Stifel... Xcel Energy (XEL) downgraded to Sell from Neutral at UBS... Xilinx (XLNX) downgraded to Buy from Conviction Buy at Goldman... Yahoo (YHOO) downgraded to Hold from Buy at Axiom.
09:07 EDTFCXFreeport McMoRan downgraded on weak near-term outlook at Argus
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07:34 EDTFCXFreeport McMoRan downgraded to Hold from Buy at Argus
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February 2, 2016
06:50 EDTFCXFreeport asks Indonesia to reduce, postpone $530M smelter bond, Reuters says
Freeport-McMoRan has asked Indonesia to cut or postpone a $530M smelter bond that the local unit of the company needs to set aside before receiving an extension of its export permit, Reuters reports, citing Indonesia's mining minister. "They have appealed to ask whether we can postpone it or give them a discount, but we asked them to show their commitment in another equivalent way," Energy and Mines Minister Sudirman Said told reporters. Reference Link
February 1, 2016
06:43 EDTFCXFreeport's Indonesian copper mine output running at normal levels, Reuters says
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