Inside A Slaughter: Why Freeport McMoRan (FCX) Lost 16%

Trading in the overall market was relatively normal yesterday; your average worry about the fiscal cliff and Europe snuck their way in, but there was nothing out of the ordinary. That is, until you looked at Freeport-McMoRan’s (FCX) stock for the day. This major copper and gold producer was absolutely slaughtered, as investors participated in one of the nastiest sell-offs we have seen in recent weeks. But the ┬ámassive drop had nothing to do with the commodities they produce, but rather a questionable business move that left many scratching their heads [for more copper and gold news subscribe to our free newsletter].

Posted in Commodity Futures, Commodity Producers, Copper, Gold, Industrial Metals, Precious Metals | Tagged , , | 2 Comments
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