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Stock Market & Financial Investment News

News Breaks
January 22, 2014
08:03 EDTFCXFreeport McMoRan reports Q4 EPS with items 68c, consensus 80c
Reports Q4 revenue $5.89B, consensus $6.4B. FCX’s EPS included net charges of 16c, comprised of 7c for unrealized losses on oil and gas derivative contracts and other items.
News For FCX From The Last 14 Days
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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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January 25, 2016
14:29 EDTFCXNotable companies reporting before tomorrow's open
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12:00 EDTFCXEarnings Watch: Freeport-McMoRan shares down 68% since Q3 report
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11:14 EDTFCXStocks with call strike movement; FCX VXX
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08:57 EDTFCXFreeport McMoRan volatility elevated into Q4 and outlook
Freeport McMoRan January weekly call option implied volatility is at 145, February is at 114; compared to its 52-week range of 35 to 134, suggesting large near term price movement into the expected release of Q4 results on January 26.
05:19 EDTFCXStocks with implied volatility movement; SWN SCTY
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