Freeport McMoRan downgraded to Neutral from Outperform at Macquarie Macquarie downgraded Freeport due to its strategy shift towards a developing energy company from a copper pure play and increased spending needs. Price target lowered to $38 from $51.
Freeport McMoRan call activity attributed to takeover speculation Freeport McMoRan May 23 and 23.5 calls are active on total call volume of 14K contracts (1K puts) on takeover speculation. May call option implied volatility is at 34, June is at 40, October is at 38; compared to its 26-week average of 40. Active option volume suggests traders taking positions for wide price movement.