에 대한 최신 뉴스 Freeport-McMoRan (NYSE:FCX) 주식

Freeport-McMoRan

Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.

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S&amp;P 500 기업들 중 약 14%가 6월 분기 실적을 발표했으며, 더 넓은 지수를 구성하는 기업들의 혼합 실적 성장률은 여전히 ​​양호하다. 이번 주에는 기술 보고 시즌이 공식적으로 시작될 것이며, 이는 최근 주에 가파른 하락세를 보인 시장의 향방을 잠재적으로 결정할 수 있다.

테슬라, 알파벳, GM 및 포드가 이번 주 실적 발표 주도하며 상승세 유지 위해 고군분투

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모건 스탠리의 분석가 카를로스 데 알바(Carlos De Alba)는 지속적인 구리 공급 문제와 이러한 회사들 내부에서의 긍정적인 발전을 언급하면서 프리포트 맥모란(NYSE:FCX), 알코아(NYSE:AA), 그리고 미나스 부에나벤투라(Compañía de Minas Buenaventura SAA) (NYSE:BVN)의 평가를 비중 확대(Overweight)로 업그레이드했다.

구리 부족은 프리포트, 알코아, 부에나벤투라에게 긍정적인 신호: 모건 스탠리

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유명한 투자자 스탠리 드러켄밀러(Stanley Druckenmiller)는 엔비디아(NASDAQ:NVDA)의 지분을 크게 줄였으며 이는 그의 투자 전략 변화를 나타낸다. What Happened: 드러켄밀러의 듀케인 패밀리 오피스(Duquense Family Office)는 1분기에 엔비디아 주식 441,551주를 매각하여 보유 지분이 72% 감소했다고 비지니스 인사이더(Business Insider)가 미 증권거레위원회(SEC)에 신고된 13F 보고서를 인용해 보도했다. 

스탠리 드러켄밀러가 엔비디아 주식 72%를 매각, 프리포트 맥모란 추가 매수

Freeport-McMoRan Inc

First Capital REIT

FREEPORT MCMORAN ORD

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Shares of base metal stocks are trading lower. Weakness may be due to China stimulus efforts.

Freeport-McMoRan's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) short percent of float has risen 6.87% since its last report. The company recently reported that it has 24.41 million shares sold short, which is 1.71% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.45 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Freeport-McMoRan Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731092422_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Freeport-McMoRan has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Freeport-McMoRan's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Freeport-McMoRan's peer group average for short interest as a percentage of float is 3.66%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(FCX) - Analyzing Freeport-McMoRan's Short Interest

High-rolling investors have positioned themselves bullish on Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in FCX often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 10 options trades for Freeport-McMoRan. This is not a typical pattern.
The sentiment among these major traders is split, with 50% bullish and 50% bearish. Among all the options we identified, there was one put, amounting to $49,775, and 9 calls, totaling $722,085.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $44.0 to $50.0 for Freeport-McMoRan during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Freeport-McMoRan's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Freeport-McMoRan's significant trades, within a strike price range of $44.0 to $50.0, over the past month.
<h3>Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731079857_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$2.8</td>
<td>$2.68</td>
<td>$2.75</td>
<td>$50.00</td>
<td>$138.0K</td>
<td>2.8K</td>
<td align="right">521</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$4.45</td>
<td>$4.35</td>
<td>$4.45</td>
<td>$45.00</td>
<td>$129.0K</td>
<td>1.4K</td>
<td align="right">294</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$4.65</td>
<td>$4.55</td>
<td>$4.6</td>
<td>$48.00</td>
<td>$120.9K</td>
<td>231</td>
<td align="right">343</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$3.6</td>
<td>$3.55</td>
<td>$3.6</td>
<td>$44.00</td>
<td>$105.1K</td>
<td>648</td>
<td align="right">307</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/16/25</td>
<td>$4.65</td>
<td>$4.6</td>
<td>$4.6</td>
<td>$48.00</td>
<td>$78.0K</td>
<td>231</td>
<td align="right">527</td>
</tr>
</tbody>
</table>

<h3>About Freeport-McMoRan</h3>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
<h3>Where Is Freeport-McMoRan Standing Right Now?</h3>
<ul>
<li>With a volume of 2,903,867, the price of FCX is down -4.6% at $46.35. </li>
<li>RSI indicators hint that the underlying stock may be approaching oversold.</li>
<li>Next earnings are expected to be released in 75 days.</li>
</ul>
<h3>Professional Analyst Ratings for Freeport-McMoRan</h3>
3 market experts have recently issued ratings for this stock, with a consensus target price of $54.666666666666664.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from JP Morgan continues to hold a Neutral rating for Freeport-McMoRan, targeting a price of $55. 
&#x2A; An analyst from Raymond James has decided to maintain their Outperform rating on Freeport-McMoRan, which currently sits at a price target of $57. 
&#x2A; Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for Freeport-McMoRan, targeting a price of $52. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Freeport-McMoRan, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Unpacking the Latest Options Trading Trends in Freeport-McMoRan

Financial giants have made a conspicuous bearish move on Freeport-McMoRan. Our analysis of options history for Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) revealed 16 unusual trades.
Delving into the details, we found 31% of traders were bullish, while 56% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $57,912, and 14 were calls, valued at $1,995,172.
<h3>Predicted Price Range</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $33.0 and $50.0 for Freeport-McMoRan, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Freeport-McMoRan's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Freeport-McMoRan's whale activity within a strike price range from $33.0 to $50.0 in the last 30 days. 
<h3>Freeport-McMoRan Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730907075_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$1.6</td>
<td>$1.55</td>
<td>$1.55</td>
<td>$50.00</td>
<td>$520.3K</td>
<td>35.4K</td>
<td>5.1K</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.54</td>
<td>$1.43</td>
<td>$1.5</td>
<td>$50.00</td>
<td>$506.2K</td>
<td>35.4K</td>
<td>10.7K</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$1.54</td>
<td>$1.51</td>
<td>$1.51</td>
<td>$50.00</td>
<td>$204.1K</td>
<td>35.4K</td>
<td>5.1K</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.49</td>
<td>$1.48</td>
<td>$1.49</td>
<td>$50.00</td>
<td>$139.3K</td>
<td>35.4K</td>
<td>7.4K</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$1.45</td>
<td>$1.43</td>
<td>$1.43</td>
<td>$50.00</td>
<td>$98.6K</td>
<td>35.4K</td>
<td>6.4K</td>
</tr>
</tbody>
</table>

<h3>About Freeport-McMoRan</h3>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
After a thorough review of the options trading surrounding Freeport-McMoRan, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Freeport-McMoRan's Current Market Status</h3>
<ul>
<li>With a volume of 3,545,458, the price of FCX is down -2.09% at $46.01. </li>
<li>RSI indicators hint that the underlying stock may be approaching oversold.</li>
<li>Next earnings are expected to be released in 77 days.</li>
</ul>
<h3>Professional Analyst Ratings for Freeport-McMoRan</h3>
4 market experts have recently issued ratings for this stock, with a consensus target price of $54.25.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Consistent in their evaluation, an analyst from Raymond James keeps a Outperform rating on Freeport-McMoRan with a target price of $57. 
&#x2A; An analyst from Scotiabank has decided to maintain their Sector Perform rating on Freeport-McMoRan, which currently sits at a price target of $53. 
&#x2A; Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for Freeport-McMoRan, targeting a price of $52. 
&#x2A; Maintaining their stance, an analyst from JP Morgan continues to hold a Neutral rating for Freeport-McMoRan, targeting a price of $55. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Freeport-McMoRan, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

This Is What Whales Are Betting On Freeport-McMoRan

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) has outperformed the market over the past 5 years by 20.14% on an annualized basis producing an average annual return of 33.43%. Currently, Freeport-McMoRan has a market capitalization of $67.35 billion. 
Buying $100 In FCX: If an investor had bought $100 of FCX stock 5 years ago, it would be worth $407.07 today based on a price of $46.87 for FCX at the time of writing.
<h3>Freeport-McMoRan's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730840471_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In Freeport-McMoRan 5 Years Ago Would Be Worth This Much Today

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/11/04/final-trades-starbucks-freeport-mcmoran-constellation-energy-and-the-xlu.html">Halftime Report Final Trades</a>,&#8221; Joshua Brown of Ritholtz Wealth Management said he is keeping an eye on Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>). The stock is expected to make another run at $100, he added.
On Oct. 30, Starbucks reported weaker-than-expected fourth-quarter results. The company posted quarterly earnings of 80 cents per share which missed the analyst consensus estimate of $1.03 per share. The company reported quarterly sales of $9.074 billion which missed the analyst consensus <a href="https://www.benzinga.com/news/earnings/24/10/41634203/starbucks-likely-to-report-lower-quarterly-earnings-these-most-accurate-analysts-revise-forecasts-a">estimate of $9.375 billion.</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Shannon Saccocia of NB Private Wealth named The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) as <a href="https://www.benzinga.com/quote/XLU">her final trade.</a>
Sarat Sethi of DCLA named Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) as his final trade.
On Oct. 22, Freeport-McMoRan reported third-quarter FY24 results. Revenue stood at $6.79 billion, beating the consensus of $6.47 billion. Copper sales totaled 1.0 billion pounds, down 7% Y/Y and 2% above the July 2024 estimate, due to the timing of shipments and lower ore grades and operating rates in North America.
Joseph M. Terranova of Virtus Investment Partners picked Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>), which pulled back on Monday.
On Nov. 4, Constellation Energy reported third-quarter results and revised its FY24 adjusted EPS guidance, which is below estimates.
Price Action:
<ul>
<li>The Utilities Select Sector SPDR Fund fell 1.2% during Monday's session.</li>
<li>Starbucks shares fell 1.9% to settle at $97.03 during Monday's session.</li>
<li>Freeport-McMoRan shares gained 1.5% to close at $46.27 on Monday.</li>
<li>Constellation Energy shares fell 12.5% to settle at $225.95 on Monday.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/news/24/11/41713185/top-4-tech-and-telecom-stocks-that-may-collapse-this-month">Top 4 Tech And Telecom Stocks That May Collapse This Month</a></li>
</ul>
Image: Shutterstock

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SBUX

Starbucks, Freeport-McMoRan, Constellation Energy And More On CNBC's 'Final Trades'

As <a href="https://www.benzinga.com/topic/2024-presidential-election">Election Week 2024</a> is upon us, Wall Street is geared up for sector-specific shakeups, with JPMorgan's Bill Peterson spotlighting a decisive split in potential stock moves.
With a Democratic win likely to power up the clean energy sector and a Donald Trump victory poised to boost steel, the stakes are high for investors in metals, mining and clean tech.
<h1 class="wp-block-heading">A Harris Win: Green Light For Clean Tech Rally?</h1>
Should Vice-President Kamala Harris take the White House, expect a boost across clean tech stocks, especially those linked to electric vehicles (EV) and hydrogen.
Peterson points to EVgo Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>), ChargePoint Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NASDAQ">CHPT</a>) and lithium players like Lithium Americas Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAC#NYSE">LAC</a>) and Piedmont Lithium Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) as likely to benefit from sustained clean energy initiatives.
Stocks like Plug Power Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) could also rally, riding on investor confidence that government spending won't dry up for sectors heavily backed by the Inflation Reduction Act and the Department of Energy's Loan Programs Office.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41713236/donald-trumps-return-to-white-house-could-propel-these-etfs-to-new-highs">Donald Trump&#8217;s Return To White House Could Propel These ETFs To New Highs</a>
<h1 class="wp-block-heading">Trump's Win: Steel's Comeback With A Dose Of Protectionism</h1>
A Trump victory could be a bullish setup for the steel sector, especially for domestic players like Nucor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>), Steel Dynamics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), and Cleveland-Cliffs Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), which would benefit from protectionist policies supporting U.S. steel pricing.
Peterson highlights that Trump's stance against the proposed acquisition of U.S. Steel by Nippon Steel Corp (OTCPK: NISTF) could keep the spotlight on domestic operators, while Trade Expansion Act Section 232 tariffs could make U.S. steel prices attractive.
Kaiser Aluminum Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KALU#NASDAQ">KALU</a>) stands to gain over Constellium SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSTM#NYSE">CSTM</a>) if more tariffs come into play, thanks to Kaiser&#8217;s U.S. footprint.
<h1 class="wp-block-heading">Rare Earths &amp; Base Metals: Supply Security Takes The Stage</h1>
Regardless of the outcome, Western supply chain security remains a hot-button issue, favorably positioning rare earth and graphite players like MP Materials Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) and GrafTech International Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EAF#NYSE">EAF</a>).
For base metals, names like Alcoa Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) and Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) may see an impact from intensified China tariffs, with pricing ripple effects dependent on global stimulus responses.
With the election outcome set to shape market dynamics, these sectors have distinct paths forward. For now, it's a wait-and-see game for investors in metals, mining, and clean tech.
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Photo: Shutterstock

Politics

CHPT

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KALU

NISTF

PLUG

STLD

Trump Vs. Harris: EVgo, Cleveland-Cliffs, Plug Power, Nucor Brace For 2024 Election Impact

CNBC Halftime Report Final Trades: Starbucks, Freeport-McMoRan, Constellation Energy, SPDR Select Sector Fund - Utilities

The US Securities and Exchange Commission is looking into whether Freeport-McMoRan Inc. failed to disclose threats a severe earthquake could pose to its new $3.7 billion copper smelter complex in Indonesia, according to people familiar with the matter.
<a href="https://www.bloomberg.com/news/articles/2024-10-31/freeport-mcmoran-probed-by-sec-over-earthquake-risk-at-indonesia-copper-plant?srnd=homepage-americas" title="https://www.bloomberg.com/news/articles/2024-10-31/freeport-mcmoran-probed-by-sec-over-earthquake-risk-at-indonesia-copper-plant?srnd=homepage-americas">https://www.bloomberg.com/news/articles/2024-10-31/freeport-mcmoran-probed-by-sec-over-earthquake-risk-at-indonesia-copper-plant?srnd=homepage-americas</a>

'Freeport Probed by SEC Over Quake Risk at Indonesia Copper Plant' - Bloomberg

Investors with a lot of money to spend have taken a bullish stance on Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with FCX, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 8 uncommon options trades for Freeport-McMoRan.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 37%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $335,619, and 4 are calls, for a total amount of $104,415.
<h3>Projected Price Targets</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $44.0 to $55.0 for Freeport-McMoRan during the past quarter. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Freeport-McMoRan's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Freeport-McMoRan's whale activity within a strike price range from $44.0 to $55.0 in the last 30 days. 
<h3>Freeport-McMoRan 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730221233_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$2.18</td>
<td>$1.95</td>
<td>$1.99</td>
<td>$46.00</td>
<td>$233.6K</td>
<td>853</td>
<td>1.1K</td>
</tr>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$2.55</td>
<td>$2.53</td>
<td>$2.55</td>
<td>$46.00</td>
<td>$37.9K</td>
<td>347</td>
<td>7</td>
</tr>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$11.45</td>
<td>$11.3</td>
<td>$11.3</td>
<td>$55.00</td>
<td>$36.1K</td>
<td>3.3K</td>
<td>32</td>
</tr>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$1.22</td>
<td>$1.21</td>
<td>$1.22</td>
<td>$46.00</td>
<td>$27.8K</td>
<td>2.0K</td>
<td>233</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$3.65</td>
<td>$3.5</td>
<td>$3.6</td>
<td>$44.00</td>
<td>$26.6K</td>
<td>2.2K</td>
<td>74</td>
</tr>
</tbody>
</table>

<h3>About Freeport-McMoRan</h3>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
<h3>Where Is Freeport-McMoRan Standing Right Now?</h3>
<ul>
<li>Currently trading with a volume of 2,864,150, the FCX's price is down by -0.25%, now at $46.62. </li>
<li>RSI readings suggest the stock is currently may be approaching oversold.</li>
<li>Anticipated earnings release is in 85 days.</li>
</ul>
<h3>What Analysts Are Saying About Freeport-McMoRan</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $53.8.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for Freeport-McMoRan, targeting a price of $52. 
&#x2A; Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for Freeport-McMoRan, targeting a price of $53. 
&#x2A; Maintaining their stance, an analyst from JP Morgan continues to hold a Neutral rating for Freeport-McMoRan, targeting a price of $55. 
&#x2A; Consistent in their evaluation, an analyst from Raymond James keeps a Outperform rating on Freeport-McMoRan with a target price of $57. 
&#x2A; In a cautious move, an analyst from Scotiabank downgraded its rating to Sector Perform, setting a price target of $52. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Freeport-McMoRan, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Spotlight on Freeport-McMoRan: Analyzing the Surge in Options Activity

Linde has invested $120 million to build, own and operate a new on-site air separation unit (ASU), the largest in Indonesia and Linde's largest ASU in southeast Asia.&nbsp;

Linde Starts Up Supply Of Industrial Gases To PT Freeport Indonesia

Deep-pocketed investors have adopted a bullish approach towards Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in FCX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 15 extraordinary options activities for Freeport-McMoRan. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 60% leaning bullish and 26% bearish. Among these notable options, 9 are puts, totaling $629,525, and 6 are calls, amounting to $226,323.
<h3>Predicted Price Range</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $42.0 to $55.0 for Freeport-McMoRan over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Freeport-McMoRan's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Freeport-McMoRan's substantial trades, within a strike price spectrum from $42.0 to $55.0 over the preceding 30 days.
<h3>Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729881984_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$9.55</td>
<td>$9.45</td>
<td>$9.45</td>
<td>$55.00</td>
<td>$220.1K</td>
<td>3.5K</td>
<td style="text-align: right;">234</td>
</tr>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$9.65</td>
<td>$9.4</td>
<td>$9.4</td>
<td>$55.00</td>
<td>$99.6K</td>
<td>3.5K</td>
<td style="text-align: right;">634</td>
</tr>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$9.65</td>
<td>$9.4</td>
<td>$9.4</td>
<td>$55.00</td>
<td>$99.6K</td>
<td>3.5K</td>
<td style="text-align: right;">528</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$4.5</td>
<td>$4.45</td>
<td>$4.45</td>
<td>$45.00</td>
<td>$66.7K</td>
<td>11.8K</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$9.55</td>
<td>$9.45</td>
<td>$9.45</td>
<td>$55.00</td>
<td>$38.7K</td>
<td>3.5K</td>
<td style="text-align: right;">422</td>
</tr>
</tbody>
</table>

<h3>About Freeport-McMoRan</h3>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
<h3>Freeport-McMoRan's Current Market Status</h3>
<ul>
<li>With a trading volume of 4,627,200, the price of FCX is down by -0.41%, reaching $46.65.</li>
<li>Current RSI values indicate that the stock is may be approaching oversold.</li>
<li>Next earnings report is scheduled for 89 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for Freeport-McMoRan</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $53.8.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Scotiabank persists with their Sector Perform rating on Freeport-McMoRan, maintaining a target price of $52. 
&#x2A; Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for Freeport-McMoRan, targeting a price of $53. 
&#x2A; An analyst from JP Morgan persists with their Neutral rating on Freeport-McMoRan, maintaining a target price of $55. 
&#x2A; An analyst from Scotiabank has revised its rating downward to Sector Perform, adjusting the price target to $52. 
&#x2A; An analyst from Raymond James persists with their Outperform rating on Freeport-McMoRan, maintaining a target price of $57. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Freeport-McMoRan, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) closed Wednesday&#8217;s trading session 1.26% lower at $47.92 as the market further digested its <a href="https://www.benzinga.com/news/earnings/24/10/41453243/freeport-mcmoran-beats-q3-estimates-gold-sales-soar-copper-production-stabilizes">third-quarter earnings results</a>.
The leading copper miner reported slightly lower earnings per share, coming at $0.36 instead of the expected $0.37, while soundly beating the consensus revenue estimates of $6.44b, with an actual $6.79.
The response from institutions has been mixed.
<ul>
<li>Raymond James raised the price target to $57 from $55, maintaining an Outperform rating.</li>
<li>RBC Capital Markets maintained a Sector Perform rating with a price target of $58.</li>
<li>Scotiabank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNS#NYSE">BNS</a>) maintained a Sector Perform rating with a price target of $52.</li>
</ul>
Raymond James analyst Brian MacArthur issued an optimistic view on the miner, quoting sales of 1 billion lbs of copper and 550 Koz of gold in Q3. He noted management&#8217;s expectations to reach 4.1 billion lbs and 1.8 Moz of gold for 2024 and a cash cost of $1.58 per lb of copper.
Meanwhile, the RBC Capital Market highlighted strong free cash flow (FCF), driven by higher copper and gold prices. The firm estimates Freeport can generate $4.8 billion in FCF for 2025, yielding a 7% return at current spot prices.
&#8220;Freeport continues to benefit from high copper and gold prices,&#8221; RBC noted, emphasizing the company's significant leverage to these metals, particularly with copper comprising 75% of its revenue.
While acknowledging strong financials, RBC noted some near-term risks related to Freeport&#8217;s Indonesian smelter, which suffered a fire in October. This could delay production ramp-up into 2025. Furthermore, the smelter issue could require an extension of Freeport&#8217;s concentrate export permit, which expires at the end of the year.
While RBC projects a price target of $58, the potential upside scenario goes as high as $80.
Scotiabank&#8217;s reaction to Freeport-McMoRan's (FCX) Q3 2024 earnings was neutral, though it recognized the company&#8217;s stronger-than-expected performance. Scotiabank's estimate was lower than the market consensus, at $0.30.
Despite the positive earnings, Scotiabank maintained its &#8220;Sector Perform&#8221; rating on FCX, highlighting a &#8220;relatively balanced risk-reward&#8221; profile, but slightly reduced its 12-month price target from $52 to $52.
Analyst Orest Wowkodaw noted that the multi-year production guidance remained unchanged, with copper cash cost guidance in line with prior expectations. Scotiabank pointed out that the multi-year production guidance remained unchanged, with copper cash cost guidance in line with prior expectations.
It is worth noting that Wowkodaw downgraded Freeport-McMoRan to Sector Perform from Outperform on September 30, citing recent share price appreciation and the negligible implied return to its target for the downgrade after its shares rose 28% through September.
Read Next: 
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</ul>

Reiteration

Freeport-McMoRan Scores A Solid Q3, Analysts Say: 'Benefit From High Copper And Gold Prices'

Scotiabank analyst Orest Wowkodaw maintains Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) with a Sector Perform and lowers the price target from $53 to $52.

Scotiabank Maintains Sector Perform on Freeport-McMoRan, Lowers Price Target to $52

Raymond James analyst Brian MacArthur maintains Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) with a Outperform and raises the price target from $55 to $57.

Raymond James Maintains Outperform on Freeport-McMoRan, Raises Price Target to $57

Wall Street traded lower for the second consecutive day on Tuesday, as investor sentiment turned cautious with the U.S. presidential election <a href="https://www.benzinga.com/topic/2024-elections">just two weeks away. </a>
Concerns over U.S. fiscal policies and potential shifts in economic direction fueled the pause in risk-taking.
The International Monetary Fund (IMF) upgraded its U.S. growth forecasts for 2024 and 2025 in the latest World Economic Outlook, while also flagging rising concerns about the country's debt trajectory, warning that with current large fiscal deficits, &#8220;the U.S. public debt is not stabilized.&#8221;
Commodities were the standout performers on Tuesday, with both metals and energy experiencing notable gains.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 0.8%, pushing further into record territory. This increase extended its year-to-date performance to 34%, positioning gold for its strongest <a href="https://www.benzinga.com/markets/bonds/24/10/41455678/gold-on-track-for-best-year-since-1979-veteran-investor-says-sell-bonds-buy-gold">annual gain since 1979.</a> Gold miners, as represented by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), rallied for the ninth consecutive session, hitting their highest levels in over four years.
Silver, tracked by the iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>), surged 2.8%, reaching levels not seen since October 2012.
Oil prices rallied nearly 3%, building on a 2% surge from Monday. U.S. Treasury yields ticked up modestly on Tuesday following Monday's spike, with the 10-year yield settling at 4.21%.
Meanwhile, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), climbed past the 104 mark, continuing its steady ascent and eyeing a fourth consecutive week of gains.
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 0.5%, dipping to around $67,000 and marking its second consecutive day of declines.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In US Major Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %change</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,907.57</td>
<td>-0.1 %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,840.39</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,291.15</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,228.60</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102224&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.3% to $581.79.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.1% lower to $429.14.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.4% to $493.29.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% $221.04.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 0.6%. The Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.1%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Performers</h3>
General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) surged 9%, on track for its strongest session in nearly a year, after reporting stronger-than-expected earnings and announcing an additional $5 billion share buyback program extending into next year.
Other stocks reacting to earnings include: 
<ul>
<li>Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>), up 1.5%</li>
<li>Nucor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>), down 6%</li>
<li>W.R. Berkley Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>), down 4.6%</li>
<li>Zion Bancorp. N.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>), up 6.8%</li>
<li>Wintrust Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTFC#NASDAQ">WTFC</a>), up 1.6%</li>
<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>), up 8.8%</li>
<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), down over 8%</li>
<li>Danaher Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>), down 3%</li>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), down 4.4%</li>
<li>RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>), down 0.4%</li>
<li>Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), down 5.8%</li>
<li>Fiserv Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>), down 0.4%</li>
<li>Moodys Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCO#NYSE">MCO</a>) down 4.5%</li>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), down 0.9%</li>
<li>Freeport-McMoran Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), up 1.4%</li>
<li>Kimberly-Clark Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>), down 4%</li>
<li>PulteGroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>), down 5.7%</li>
</ul>
Large-cap companies reporting earnings after the close include Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Baker Hughes Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>), Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>), Manhattan Associates Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>), East West Bancorp. Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWBC#NASDAQ">EWBC</a>) and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>)
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Stocks Fall, GM Eyes Best Day In A Year, Gold Breaks Records, Silver Hits 12-Year Highs: What's Driving Markets Tuesday?

Freeport-McMoRan Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) shares are trading higher after the company reported<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41449308/freeport-third-quarter-and-nine-month-2024-financial-and-operating-results-release-available-on-it" rel="noreferrer noopener">&nbsp;third-quarter FY24 results</a>.
Revenue stood at&nbsp;$6.79 billion,&nbsp;beating the consensus of&nbsp;$6.47 billion.
Copper sales totaled 1.0 billion pounds, down&nbsp;7%&nbsp;Y/Y and&nbsp;2%&nbsp;above the July 2024 estimate, due to the timing of shipments and lower ore grades and operating rates in North America.
Copper&#8217;s average realized price per pound was&nbsp;$4.30, and production totaled 1.051 billion pounds.
Gold sales stood at 558 thousand ounces, up 40%&nbsp;Y/Y and&nbsp;17%&nbsp;higher than the July 2024 estimate on the timing of shipments. The average realized price per ounce stood at&nbsp;$2,568&nbsp;and in the quarter.&nbsp;
Operating income stood at&nbsp;$1.938 billion vs&nbsp;$1.492 billion a year ago. Adjusted EPS was&nbsp;$0.38, beating&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">the consensus of&nbsp;$0.35</a>.
Operating cash flow for the quarter totaled&nbsp;$1.87 billion, compared to&nbsp;$1.24 billion a year ago.
As of Sept. 30, Freeport-McMoRan had $5.0 billion in cash and equivalents and consolidated debt totaling $9.7 billion.
Richard Adkerson, chairman of the board, and Kathleen Quirk, president, and chief executive officer, said, "During the third quarter, our global team generated strong margins and cash flows, achieved our production targets, continued to prioritize productivity and cost control, and advanced initiatives for future growth.&#8221;
&#8221;We remain focused on strong execution of our plans globally as we work to address damage from a recent fire affecting a portion of our new Indonesia smelter facilities.&#8221;
2024&nbsp;Outlook: Freeport-McMoRan now expects consolidated sales volumes to be ~4.1 billion pounds of copper, 1.8 million ounces of gold, and <a href="https://www.benzinga.com/calendars/guidance">80 million pounds of molybdenum</a>.&nbsp;
The company now expects operating cash flows of ~$6.8 billion in 2024, assuming average prices of&nbsp;$4.25 per pound of copper, $2,600 per ounce of gold, and $20.00 per pound of molybdenum in the fourth quarter of 2024.
Investors can gain exposure to the stock via&nbsp;Sprott Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>) and&nbsp;First Trust Indxx Global Natural Resources Income ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTRI#NASDAQ">FTRI</a>).
Price Action: FCX shares are up 2.75% at $49.26 premarket at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41338395/teck-resources-vs-freeport-mcmoran-china-stimulus-boost-or-trump-tariff-blues-analy" target="_blank" rel="noreferrer noopener">Teck Resources Vs. Freeport-McMoRan: China Stimulus Boost Or Trump Tariff Blues? Analyst Remains Bullish On Copper</a></li>
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Freeport-McMoRan Beats Q3 Estimates: Gold Sales Soar, Copper Production Stabilizes

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) reported quarterly earnings of $0.38 per share which beat the analyst consensus estimate of $0.35 by 8.57 percent. The company reported quarterly sales of $6.79 billion which beat the analyst consensus estimate of $6.47 billion by 4.95 percent. This is a 16.59 percent increase over sales of $5.82 billion the same period last year.

Earnings Beats

Freeport-McMoRan Q3 2024 Adj EPS $0.38 Beats $0.35 Estimate, Sales $6.79B Beat $6.47B Estimate

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) is preparing to release its quarterly earnings on Tuesday, 2024-10-22. Here's a brief overview of what investors should keep in mind before the announcement.
Analysts expect Freeport-McMoRan to report an earnings per share (EPS) of $0.38.
Anticipation surrounds Freeport-McMoRan's announcement, with investors hoping to hear about both surpassing estimates and receiving positive guidance for the next quarter.
New investors should understand that while earnings performance is important, market reactions are often driven by guidance.
<h3>Performance in Previous Earnings</h3>
In the previous earnings release, the company beat EPS by $0.08, leading to a 2.41% drop in the share price the following trading session.
Here's a look at Freeport-McMoRan's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.38</td>
<td>0.27</td>
<td>0.22</td>
<td>0.34</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.46</td>
<td>0.32</td>
<td>0.27</td>
<td>0.39</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-2.0%</td>
<td>1.0%</td>
<td>-1.0%</td>
<td>-4.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729519287_0.png" alt="eps graph" />
<h3>Freeport-McMoRan Share Price Analysis</h3>
Shares of Freeport-McMoRan were trading at $48.18 as of October 18. Over the last 52-week period, shares are up 41.4%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Analyst Views on Freeport-McMoRan</h3>
For investors, grasping market sentiments and expectations in the industry is vital. This analysis explores the latest insights regarding Freeport-McMoRan.
Analysts have given Freeport-McMoRan a total of 10 ratings, with the consensus rating being Outperform. The average one-year price target is $55.1, indicating a potential 14.36% upside.
<h3>Peer Ratings Comparison</h3>
The below comparison of the analyst ratings and average 1-year price targets of Newmont, Southern Copper and Nucor, three prominent players in the industry, gives insights for their relative performance expectations and market positioning.
<ul>
<li>The prevailing sentiment among analysts is an Buy trajectory for Newmont, with an average 1-year price target of $61.5, implying a potential 27.65% upside.</li>
<li>The consensus among analysts is an Sell trajectory for Southern Copper, with an average 1-year price target of $84.0, indicating a potential 74.35% upside.</li>
<li>Nucor received a Outperform consensus from analysts, with an average 1-year price target of $170.0, implying a potential 252.84% upside.</li>
</ul>
<h3>Overview of Peer Analysis</h3>
The peer analysis summary presents essential metrics for Newmont, Southern Copper and Nucor, unveiling their respective standings within the industry and providing valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Freeport-McMoRan</td>
<td>Outperform</td>
<td>15.46%</td>
<td>$2.24B</td>
<td>3.58%</td>
</tr>
<tr>
<td>Newmont</td>
<td>Buy</td>
<td>64.07%</td>
<td>$1.64B</td>
<td>2.93%</td>
</tr>
<tr>
<td>Southern Copper</td>
<td>Sell</td>
<td>35.54%</td>
<td>$1.66B</td>
<td>11.85%</td>
</tr>
<tr>
<td>Nucor</td>
<td>Outperform</td>
<td>-15.18%</td>
<td>$1.19B</td>
<td>3.10%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Freeport-McMoRan ranks at the bottom for Revenue Growth among its peers. It is in the middle for Gross Profit. For Return on Equity, it is at the bottom.
<h3>Get to Know Freeport-McMoRan Better</h3>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
<h3>Financial Insights: Freeport-McMoRan</h3>
Market Capitalization Analysis: With an elevated market capitalization, the company stands out above industry averages, showcasing substantial size and market acknowledgment.
Revenue Growth: Freeport-McMoRan displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 15.46%. This indicates a notable increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Materials sector.
Net Margin: The company's net margin is below industry benchmarks, signaling potential difficulties in achieving strong profitability. With a net margin of 9.3%, the company may need to address challenges in effective cost control.
Return on Equity (ROE): Freeport-McMoRan's ROE excels beyond industry benchmarks, reaching 3.58%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Freeport-McMoRan's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of 1.13%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: With a high debt-to-equity ratio of 0.54, Freeport-McMoRan faces challenges in effectively managing its debt levels, indicating potential financial strain.
<a href="https://www.benzinga.com/quote/FCX/earnings">To track all earnings releases for Freeport-McMoRan visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Glimpse of Freeport-McMoRan's Earnings Potential

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) is preparing to release its quarterly earnings on Tuesday, 2024-10-22. Here's a brief overview of what investors should keep in mind before the announcement.
Analysts expect Freeport-McMoRan to report an earnings per share (EPS) of $0.38.
Freeport-McMoRan bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Earnings History Snapshot</h3>
Last quarter the company beat EPS by $0.08, which was followed by a 2.41% drop in the share price the next day.
Here's a look at Freeport-McMoRan's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.38</td>
<td>0.27</td>
<td>0.22</td>
<td>0.34</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.46</td>
<td>0.32</td>
<td>0.27</td>
<td>0.39</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-2.0%</td>
<td>1.0%</td>
<td>-1.0%</td>
<td>-4.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729519286_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Freeport-McMoRan were trading at $48.18 as of October 18. Over the last 52-week period, shares are up 41.4%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Analyst Insights on Freeport-McMoRan</h3>
For investors, grasping market sentiments and expectations in the industry is vital. This analysis explores the latest insights regarding Freeport-McMoRan.
With 10 analyst ratings, Freeport-McMoRan has a consensus rating of Outperform. The average one-year price target is $55.1, indicating a potential 14.36% upside.
<h3>Understanding Analyst Ratings Among Peers</h3>
The analysis below examines the analyst ratings and average 1-year price targets of Newmont, Southern Copper and Nucor, three significant industry players, providing valuable insights into their relative performance expectations and market positioning.
<ul>
<li>The consensus among analysts is an Buy trajectory for Newmont, with an average 1-year price target of $61.5, indicating a potential 27.65% upside.</li>
<li>Analysts currently favor an Sell trajectory for Southern Copper, with an average 1-year price target of $84.0, suggesting a potential 74.35% upside.</li>
<li>The prevailing sentiment among analysts is an Outperform trajectory for Nucor, with an average 1-year price target of $170.0, implying a potential 252.84% upside.</li>
</ul>
<h3>Peers Comparative Analysis Summary</h3>
In the peer analysis summary, key metrics for Newmont, Southern Copper and Nucor are highlighted, providing an understanding of their respective standings within the industry and offering insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Freeport-McMoRan</td>
<td>Outperform</td>
<td>15.46%</td>
<td>$2.24B</td>
<td>3.58%</td>
</tr>
<tr>
<td>Newmont</td>
<td>Buy</td>
<td>64.07%</td>
<td>$1.64B</td>
<td>2.93%</td>
</tr>
<tr>
<td>Southern Copper</td>
<td>Sell</td>
<td>35.54%</td>
<td>$1.66B</td>
<td>11.85%</td>
</tr>
<tr>
<td>Nucor</td>
<td>Outperform</td>
<td>-15.18%</td>
<td>$1.19B</td>
<td>3.10%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Freeport-McMoRan ranks at the bottom for Revenue Growth and Gross Profit, while it is in the middle for Return on Equity.
<h3>Unveiling the Story Behind Freeport-McMoRan</h3>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
<h3>Freeport-McMoRan's Financial Performance</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Revenue Growth: Freeport-McMoRan's revenue growth over a period of 3 months has been noteworthy. As of 30 June, 2024, the company achieved a revenue growth rate of approximately 15.46%. This indicates a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Materials sector.
Net Margin: Freeport-McMoRan's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of 9.3%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): Freeport-McMoRan's ROE excels beyond industry benchmarks, reaching 3.58%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Freeport-McMoRan's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 1.13%, the company may face hurdles in achieving optimal financial performance.
Debt Management: With a high debt-to-equity ratio of 0.54, Freeport-McMoRan faces challenges in effectively managing its debt levels, indicating potential financial strain.
<a href="https://www.benzinga.com/quote/FCX/earnings">To track all earnings releases for Freeport-McMoRan visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insights into Freeport-McMoRan's Upcoming Earnings

Gold miners drop as Newmont's earnings disappointment fuels cost concerns

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DBS analyst Eunyoung Lee maintained a Buy rating on Freeport-McMoRan (FCX – Research Report) today and set a price target of $56.00. Eunyoung Lee's...

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Freeport-McMoRan: Good Value Proposition If You Know What You Are Buying

Bullish option flow detected in Freeport McMoRan with 25,027 calls trading, 1.5x expected, and implied vol increasing almost 2 points to 40.08%. Ja...

Freeport McMoRan call volume above normal and directionally bullish

RBC Capital analyst Sam Crittenden maintained a Hold rating on Freeport-McMoRan (FCX – Research Report) on November 7 and set a price target of $58...

RBC Capital Sticks to Its Hold Rating for Freeport-McMoRan (FCX)

In a regulatory filing, Freeport-McMoRan (FCX) CFO Maree Robertson disclosed the sale of 13,000 common shares of the company on November 11 at a pr...

Freeport-McMoRan CFO Robertson sells 13,000 common shares

Tops are formed when the sentiment is extremely bullish. While this doesn't have to be the final top for this rally, however, this is one of the moments where at least a local top becomes likely.

Could This Really Indicate A Top For Stocks, Copper, And Gold?

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