Rochester,NY 7/9/2009 12:28:57 AM
After Noon Movers - FCX - US investors focus on second-quarter earnings - Sourced WhisperFromWallStreet.com
Freeport-McMoRan Copper & Gold Inc.
After Noon Movers - FCX - US investors focus on second-quarter earnings - Sourced WhisperFromWallStreet.com
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Freeport-McMoRan Copper & Gold Inc. FCX
After Hours: 44.58 -0.42 (-0.93%) 1:21pm ET
US stocks slipped after early strength as investors waited cautiously for the beginning of the second quarter earnings season, due to open after the bell with results from Alcoa.
The aluminium maker gained 1.6 per cent on an otherwise bearish Tuesday after Klaus Kleinfield, the chief executive, said he was “very optimistic” about sales. But they gave back 2.8 per cent to $9.15 on Wednesday morning.
Energy producers were the major drag during the morning as the price of oil continued to drop sharply, with Opec predicting it will take five years for pre-crisis levels of oil demand to return.
Schlumberger gave up 1.4 per cent to $48.52 and ConocoPhillips lost 2.8 per cent to $38.87.
NRG defied the sector trend however after it rejected a fresh takeover offer from utility company Exelon as too low.
About
Freeport-McMoRan Copper & Gold Inc. engages in the exploration, mining, and production of mineral resources. It primarily focuses on copper, gold, silver, cobalt, and molybdenum deposits. The company's portfolio of assets includes the Grasberg minerals district in Indonesia; mining operations in North and South America; and the Tenke Fungurume development project in the Democratic Republic of Congo. As of December 31, 2008, its consolidated recoverable proven and probable reserves included 102.0 billion pounds of copper, 40.0 million ounces of gold, 2.48 billion pounds of molybdenum, 266.6 million ounces of silver, and 0.7 billion pounds of cobalt. The company was founded in 1987 and is headquartered in Phoenix, Arizona.
Last Trade: 44.41
Day's Range: 43.19 - 46.75
52wk Range: 15.70 - 111.95
Volume: 17,865,514
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