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Stock Market & Financial Investment News

News Breaks
November 13, 2012
05:55 EDTNEM, NEM, MOS, MOS, AGU, AGU, MUX, MUX, TC, TC, GMO, GMO, GGC, GGC, MEOH, MEOH, PVG, PVG, NG, NG, FCX, FCXDahlman Rose to host a conference
3rd Annual Metals & Mining Conference is being held in New York on November 13-14.
News For NEM;NG;PVG;MEOH;GGC;GMO;TC;MUX;AGU;MOS;FCX From The Last 14 Days
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August 27, 2015
16:15 EDTFCXFreeport McMoRan up 16% after Icahn takes stake in company
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16:12 EDTFCXFreeport McMoRan spikes higher on Icahn stake
The shares had already gained over 28% in the regular session, and are now up an additional 13.5% in the extended session on news Icahn has taken an 8.46% stake in the company. At the current price of $11.59, next resistance is at $12.17.
16:11 EDTFCXCarl Icahn reports 8.46% stake in Freeport McMoRan, may seek board seat
Carl Icahn acquired the position in Freeport McMoRan in the belief that the shares were undervalued. Icahn intends to have discussions with representatives of the company's management and board relating to the company's capital expenditures, executive compensation practices and capital structure as well as curtailment of the company's high-cost production operations. Icahn may also seek shareholder board representation and to discuss the size and composition of the board. As of August 26, Icahn has not had any discussions with representatives of the company's management or board.
16:08 EDTFCXCarl Icahn reports 8.46% stake in Freeport McMoRan
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12:41 EDTFCXOn The Fly: Top stock stories at midday
Stocks began the session sharply higher, extending the rally that started yesterday. A number of factors may be contributors to today's strength, including China's government intervening in its market last night and pushing its key stock index up 5%, dovish comments made by N.Y. Fed President Bill Dudley yesterday regarding the potential for a September interest rate hike and an upward revision in the estimate of second quarter GDP growth. ECONOMIC EVENTS: In the U.S., the updated estimate of GDP growth showed the economy grew 3.7% in the second quarter, topping expectations for annualized growth to be revised up to 3.2% from the prior estimate of 2.3%. Personal consumption in the quarter rose 3.1%, matching expectations. 271,000 initial jobless claims were filed last week, versus expectations for 274,000 first-time claims. The NAR pending home sales index rose 0.5% in July, missing the expectation for an increase of 1%. In China, the Shanghai composite index rose 5.3%, stemming its recent string of down days, with media reports indicating that the government may have played a role by stepping in to buy stocks. COMPANY NEWS: Shares of St. Jude Medical (STJ) advanced 4.5% after the Financial Times reported, citing sources, that Abbott (ABT) is prepping a takeover offer that would value the medical device maker at $25B. An Abbott spokesperson, however, issued statements to Bloomberg, CNBC and the Wall Street Journal following the report to deny that it is pursuing a bid for St. Jude, which struck a deal in July to acquire fellow medical device manufacturer Thoratec (THOR) for $63.50 per share in cash, or $3.4B, net of cash acquired. Thoratec shares slid 0.5% near noon following the report, as investors may be concerned that the previously announced deal could be jeopardized if Abbott does in fact step in to the situation... Shares of Freeport-McMoRan (FCX) surged 28% this morning after the miner and oil explorer announced plans to cut spending and production, including plans to cut about 10% of employees and contractors at its U.S. mining operations. Freeport has lowered its 2016 capital expenditure budget to $4B, or approximately 29% lower than the $5.6B estimate it issued on July 23, which it said reflects "aggressive" actions in response to current market conditions. MAJOR MOVERS: Among the notable gainers was Movado (MOV), which gained 20% after the company reported better than expected second quarter results and backed its fiscal year earnings view. Also higher following its earnings report was Signet Jewelers (SIG), whose shares rose 13%. Another jeweler reporting earnings this morning, Tiffany (TIF), which slid 3% after the company lowered its fiscal year outlook. Among the other noteworthy losers following their earnings reports were Williams-Sonoma (WSM), which dropped 7%, and Dollar General (DG), which slipped 4%. INDEXES: Near midday, the Dow was up 311.33, or 1.91%, to 16,596.84, the Nasdaq was up 109.30, or 2.33%, to 4,806.83, and the S&P 500 was up 42.77, or 2.2%, to 1,983.28.
10:33 EDTFCXFreeport McMoRan surges after further cut to capital spending plans
Shares of Freeport-McMoRan (FCX) are surging in morning trading after the company announced plans to cut spending and production in response to current market conditions. It also plans to cut about 10% of employees and contractors at U.S. mining operations. WHAT'S NEW: Freeport-McMoRan this morning reduced its 2016 capital expenditure budget to $4B, approximately 29% lower than the $5.6B estimate on July 23, which it said reflects "aggressive" actions in response to current market conditions. The 2016 CapEx outlook includes $1.4B in mining projects, $600M in mining sustaining capital and $2B in oil and gas expenditures. The company said it will reduce copper sales by about 150M pounds per year in 2016 and 2017 and cut 2016 unit site production by 20%. Additionally, the company plans to reduce 2016 minerals exploration costs to $50M from $100M. Freeport also said it expects a 10% reduction in employees and contractors at U.S. mining operations. The company cited recent declines in copper prices for the reductions and said the actions announced today are the results of the previously announced review of operating plans for its mining business. Freeport said it views the long-term outlook for its business "positively," helped by limitations on copper supply. In the near-term, however, Freeport said it will continue to monitor market conditions and capital spending, but is currently "adjusting operations to maximize current cash flow under weak market conditions while preserving its large mineral resources and growth options for the longer term." WHAT'S NOTABLE: Since late 2014, Freeport has cut its 2015 capital expenditure budget to $6.3B from $7.5B, including reductions of $700M in oil and gas expenditures and $500M in mining expenditures. Earlier this month, Freeport cuts its oil and gas capital budgets for 2016 and 2017 by $900M each in response to market conditions and maintained its expectations for $2.8B in O&G CapEx for this year. In July, after reporting its second straight quarterly loss, Freeport said its cost reduction plans would include potential adjustments to mine plans and future copper and molybdenum production volumes to reduce costs and preserve valuable resources for anticipated improved market conditions in the future. Freeport previously commented that it would pursue additional capital cost reductions, potential additional divestitures or monetizations and other actions as required to maintain a strong balance sheet while preserving a strong resource position. PRICE ACTION: Freeport-McMoRan is up 16.5% to $9.22 in morning trading. Shares are down over 60% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
09:49 EDTFCXFreeport McMoRan jumps after update
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08:04 EDTFCXFreeport McMoRan sees FY15 operating cash flow $3.1B
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08:04 EDTFCXFreeport McMoRan: Revised plans to cut 2016, 2017 copper production by 150M lbs
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08:02 EDTFCXFreeport McMoRan cuts FY15 CapEx budget to $6.3B from $7.5B
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08:01 EDTFCXFreeport McMoRan reports further spending cuts in response to market conditions
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08:00 EDTFCXFreeport McMoRan reports further spending cuts in response to market conditions
August 26, 2015
15:59 EDTFCXOptions Update; August 26, 2015
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10:44 EDTFCXStocks with call strike movement; FCX RIG
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August 21, 2015
12:17 EDTMOS, AGUDeere slides after Q3 results and outlook impacted by deteriorating farm economy
Despite reporting third quarter results that surpassed analyst expectations, shares of farm equipment maker Deere (DE) are falling after the company said it sees farm equipment sales for the year lower than previously thought, as the downturn in the agricultural economy continues. WHAT'S NEW: Deere reported Q3 EPS of $1.53, down from $2.33 in the year-ago quarter, and revenue of $7.6B, down 20% from last year's Q3. Analysts' consensus estimates for Q3 were for EPS of $1.44 on revenue of $7.17B. John Deere's Chief Executive Officer Samuel Allen said, "John Deere's third quarter results reflected the continuing impact of the downturn in the farm economy as well as lower demand for construction equipment." WHAT'S NOTABLE: Looking ahead, the farm equipment maker forecast full year 2015 world-wide sales of its farm equipment to be lower by about 25% for the year compared to the 24% it forecast in May with its Q2 report. On its Q3 earnings conference call, the company said crop prices are stabilizing near the long-term average and the dairy sector remains under pressure. Beef prices remain solid while pork prices remain at low levels, Deere added. In China, the company sees continued slowdown in economic growth, lower commodity prices impacting agricultural economy, and mechanizing trends and ongoing subsidies supportive of agriculture. In India, the company sees positive consumer and investor sentiment supporting economic growth, and two consecutive below normal monsoon seasons impacting farm incomes. In the Commonwealth of Independent States, the company sees a continued deterioration of economic growth and credit conditions remaining challenged. Deere sees crop value of agricultural production in Brazil to decrease 11% in 2015. PRICE ACTION: Shares of Deere are down $6.04, or 6.6%, to $84.61 in midday trading. OTHERS TO WATCH: Other companies that are leveraged to agriculture include AGCO (AGCO),Potash (POT), Mosaic(MOS), Agrium (AGU), Syngenta (SYT), CF Industries (CF), and DuPont (DD).
August 20, 2015
09:57 EDTAGUAgrium management to meet with Canaccord
Meeting to be held in Winnipeg, Canada on August 20.
August 19, 2015
10:00 EDTMEOHOn The Fly: Analyst Downgrade Summary
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07:38 EDTMEOHMethanex downgraded to Outperform from Strong Buy at Raymond James
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05:35 EDTPVGPretium Resources reports results from drill program in Valley of the Kings
Pretium Resources reports a third set of results from an underground infill drill program in the Brucejack Project's Valley of the Kings. Stope definition drilling is now underway from two underground drill bays, the 1320 drill bay and the 1310 drill bay. Results continue to confirm the style and grade distribution of the gold mineralization in the area currently being tested, which includes the intersection of high grade and visible gold. Selected drill highlights include: Hole VU-459 intersected 154.13 grams of gold per tonne uncut over 14.60 meters, including 4,470 grams of gold per tonne uncut over 0.50 meters; Hole VU-463 intersected 29.94 grams of gold per tonne uncut over 29.50 meters, including 1,690 grams of gold per tonne uncut over 0.50 meters. Hole VU-445 intersected 81.08 grams of gold per tonne uncut over 6.76 meters, including 1,080 grams of gold per tonne uncut over 0.50 meters; Hole VU-445 also intersected 48.36 grams of gold per tonne uncut over 12.00 meters, including 1,090 grams of gold per tonne uncut over 0.50 meters; Hole VU-455 intersected 47.06 grams of gold per tonne uncut over 14.00 meters, including 1,300 grams of gold per tonne uncut over 0.50 meters.
August 18, 2015
09:29 EDTFCXMorgan Stanley lowers Metals & Mining sector price targets by 33%
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