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Stock Market & Financial Investment News

News Breaks
December 5, 2012
11:37 EDTFCXFreeport McMoRan CEO says deal is not a diversion from mining
The CEO said deal is an add-on to mining and company will continue to look for new opportunities to grow with the mining business.
News For FCX From The Last 14 Days
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January 27, 2016
16:36 EDTFCXOn The Fly: Top stock stories for Wednesday
Stocks began the session in negative territory as sliding oil prices and disappointing guidance from Apple (AAPL) and Boeing (BA) had investors on the defensive. The averages reversed and moved into positive territory following a rally in oil, which came despite the weekly Department of Energy inventory build up coming in higher than expected. The market pared its gains heading into the Fed's rate announcement and then moved sharply lower following the central banks comments about lower growth in U.S. in 2016. Other comments were less dovish than expected and the market sold off into the close. ECONOMIC EVENTS: In the U.S., new home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. The FOMC rate decision was issued at 2:00 pm, with the Federal Reserve keeping interest rates unchanged and commenting that the "Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate... Inflation is expected to remain low in the near term, in part because of the further declines in energy prices, but to rise to 2% over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further." COMPANY NEWS: Apple (AAPL) declined $6.55, or 6.55% to $93.44 after the tech giant reported first quarter earnings that topped consensus estimates last night, but also issued revenue guidance for the new quarter that missed expectations. The company was noted by several analysts as taking a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China... Apple was not the worst performer in the Dow, however, with that distinction going to Boeing (BA). Shares of the commercial airplane maker and defense contractor plummeted $11.43, or 8.93%, to $116.58 after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast... Shell (RDS.A, RDS.B) investors approved the company's proposed acquisition of BG Group (BRGYY), with roughly 83% of votes cast in favor of the deal. MAJOR MOVERS: Among the notable gainers was SunEdison (SUNE), which added 8.7% to its already meaningful gains over the past several days after agreeing to new corporate governance initiatives with David Einhorn's Greenlight Capital, including amending its bylaws to restrict equity issuances for two years without a supermajority board vote. Also higher was Freeport McMoRan (FCX), which gained 10.95% to $4.66 after Indonesia's energy minister said he is "certain" of finding a solution to extend the company's copper export permit and as analysts applauded the company's decision to consider selling mining assets to pay down debt. Meanwhile, United Technologies (UTX), Biogen (BIIB) and Norfolk Southern (NSC) rose 0.19%, 5.15% and 1.44%, respectively, following their earnings reports. Among the noteworthy losers was DeVry (DV), which crashed 15.4% to $20.09 after the FTC filed suit over its allegedly deceptive marketing, with the Department of Education also announcing actions against the for-profit education company. Also lower were U.S. Steel (X), VMware (VMW) and Anthem (ANTM), which lost 14.35%, 9.82% and 4.74%, respectively, following their earnings reports. INDEXES: The Dow fell 222.77, or 1.38%, to 15,944.46, the Nasdaq lost 99.51, or 2.18%, to 4,468.17, and the S&P 500 declined 20.68, or 1.09%, to 1,882.95.
16:01 EDTFCXOptions Update; January 28, 2016
iPath S&P 500 VIX Short-Term Futures up 1.02 to 26.01. Option volume leaders: AAPL FB BAC NFLX FCX BABA AA X VZ BA T
07:17 EDTFCXFreeport asset sales could bring significant upside, says Jefferies
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06:16 EDTFCXIndonesia, Freeport trying to agree on copper export permit, Reuters says
Indonesia's government is trying to work with Freeport-McMoRan to find some common ground so that the company can still ship copper concentrate for at least another half year, Reuters reports, citing Indonesia's mines minister. Reference Link
05:56 EDTFCXIndonesia 'certain' solution will be found for Freeport permit, Reuters reports
Indonesia's Energy Minister, Sudirman Said, says he is "certain" that a solution will be found to solve the issue of extending Freeport McMoRan's copper concentrate export permit, Reuters reports. The government previously said it would not renew the six-month export permit unless the company set aside another $530M into an escrow account for the miner to extend the permit. Reference Link
January 26, 2016
16:00 EDTFCXOptions Update; January 26, 2016
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11:13 EDTFCXActive options; AAPL BAC FB NFLX C MSFT TWTR VALE FCX COH XOM AMZN
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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.
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.
05:56 EDTFCXFreeport's copper export permit to end in Indonesia on Thursday, Reuters says
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