Freeport McMoRan best pick in U.S. metals and mining sector, says Bernstein Bernstein identifies Freeport McMoRan as its Best of Bernstein pick in the U.S. metals and mining sector. The firm expects the company to benefit from 25% copper production growth and copper price increases, and it thinks the company's energy assets have significant potential. Bernstein finds the stock's valuation attractive and has a $40 price target and Outperform rating on the shares.
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.