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Stock Market & Financial Investment News

News Breaks
July 23, 2014
10:40 EDTFCXFreeport McMoRan expects $4B-$5B in asset sales to accelerate debt reduction
Meanwhile, Freeport McMoRan expects to buy additional interest in deepwater Gulf of Mexico in hundreds of millions to add to the company's potential. The company says delays in obtaining approvals would result in monthly deferral of 50M lbs of copper and 80,000 ounces of gold. It sees positive global demand for the copper market, with China remaining solid. It sees the market will be helped by general economic recovery and Europe gradually strengthening from a low base. The supply side will create tightness, however, as more companies defer projects. The long-term fundamentals for copper, though, support a positive outlook. Expects first production at Lucius to be in 2H14 with a potential of more than 300 MMBoe gross resource potential. Expects first production at Heidelberg to be in mid-2016 with 200-400 MMBoe gross resource potential. Comments taken form Q2 earnings conference call.
News For FCX From The Last 14 Days
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March 30, 2015
07:28 EDTFCXPalo Alto Networks to hold a security conference
Ignite 2015 is being held in Las Vegas on March 30-April 1.
March 25, 2015
11:33 EDTFCXStocks with call strike movement; WLL FCX
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March 24, 2015
16:20 EDTFCXOn The Fly: Closing Wrap
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09:22 EDTFCXOn The Fly: Pre-market Movers
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08:14 EDTFCXFreeport McMoRan down 2% in pre-market trading after company cuts dividend
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08:06 EDTFCXFreeport McMoRan reduces quarterly dividend to 5c per share from 31.25c
Freeport-McMoRan announced that it has declared a cash dividend of 5c per share payable on May 1 to holders of record as of April 15 for its common stock. FCX’s board reduced the quarterly dividend from the previous rate of 31.25c per share in response to the impact of lower commodity prices. The board anticipates increasing cash returns to shareholders as market and business conditions warrant. “The reduction in the dividend is a prudent measure to strengthen our balance sheet during a period of volatile market conditions. As previously announced, our plans include significant reductions in capital spending and other costs and we are evaluating funding opportunities for capital expenditures in our oil and gas business. Additional capital cost reductions, potential additional divestitures or monetizations and other actions will be pursued as required," said the company.
08:04 EDTFCXFreeport McMoRan cuts dividend to 5c per share from 31.25c
March 23, 2015
10:03 EDTFCXFreeport McMoRan rallies, levels to watch
After nearing its 52-week low last week, shares have bounced and are now heading up to test overhead resistance. The first major obstacle is at the 50-day moving average, last at $19.54. Shares are currently at $19.13. A breakout above the 50-day would be bullish, with the potential to turn the long-running bearish trend in the stock to bullish. Support is at $18.52.
March 22, 2015
15:23 EDTFCXFreeport operations at Grasberg resume as blockade ends, Reuters says
Freeport McMoRan has reopened an access road at its Grasberg mine in Indonesia that was blocked by a demonstration last week and says normal operations were being resumed at the mine, says Reuters. Reference Link
March 20, 2015
10:43 EDTFCXStocks with call strike movement; CHK FCX
Chesapeake (CHK) July 16 call option implied volatility increased 2% to 50, Freeport McMoRan (FCX) August 20 call option implied volatility decreased 6% to 47 according to IVolatility.
March 19, 2015
06:59 EDTFCXProduction at Freeport McMoRan mine in Indonesia halted, Reuters reports
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March 18, 2015
11:03 EDTFCXStocks with call strike movement; NE FCX
Noble Corp. (NE) June 16 call option implied volatility increased 2% to 54, Freeport McMoRan (FCX) August 21 call option implied volatility increased 2% to 49 according to IVolatility.
07:27 EDTFCXFreeport seeks funding from Blackstone, Apollo, Reuters says
Freeport McMoRan (FCX) has hired Goldman Sachs (GS) and Barclays (BCS) to find private equity firms willing to finance certain of its energy projects and asset developments, reports Reuters, citing people familiar with the matter. Freeport is in talks with Blackstone (BX), Apollo (APO), and Warburg Pincus about a potential partnership. The sources say the firm may be seeking "several billion dollars," though discussions are in "very early" stages. Reference Link

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