Freeport-McMoRan Inc. ($FCX) Stock Forecast: Up 5.2% Today

What is Freeport-McMoRan Inc.?

Freeport-McMoRan Inc. (FCX) is a leading international mining company recognized for its copper, gold, and molybdenum production. The company owns extensive, long-lasting assets with significant reserves of copper, gold, and molybdenum.

Why is Freeport-McMoRan Inc. going up?

FCX stock is up 5.2% on Jul 3, 2024 14:36

• FCX closed at $48.60 today, showing a +0.58% increase from the previous day.
• The positive movement is linked to the initiation of operations at a new smelter in Indonesia, suggesting potential growth in copper production.
• Despite revising down its Q2 copper and gold sales forecast, the commencement of the new smelter and analysts upholding an Outperform rating likely enhanced investor trust in FCX.
• The general market outlook, exemplified by the strong performance of the S&P 500 and recent stock upgrades, further bolstered the support for higher-risk assets such as FCX, contributing to its upward trajectory.

FCX Price Chart

FCX News

Freeport ( FCX ) Starts Commissioning of New Indonesian Smelter

Freeport (FCX) anticipates that the smelter will begin producing copper cathodes in the following months and that it will reach full ramp-up by the end of 2024.

https://www.zacks.com/stock/news/2296459/freeport-fcx-starts-commissioning-of-new-indonesian-smelter

Freeport-McMoRan stock maintains target with Outperform rating

https://www.investing.com/news/company-news/freeportmcmoran-stock-maintains-target-with-outperform-rating-93CH-3505982

https://www.investing.com/news/company-news/freeportmcmoran-stock-maintains-target-with-outperform-rating-93CH-3505982

Freeport Lowers Q2 Copper And Gold Sales Outlook

PHOENIX (dpa-AFX) - Freeport-McMoRan Inc. (FCX) on Tuesday announced that it expects second-quarter consolidated sales to be around 5 percent lower than the April outlook of 975 million pounds of …

https://www.finanznachrichten.de/nachrichten-2024-07/62637952-freeport-lowers-q2-copper-and-gold-sales-outlook-020.htm

Freeport-McMoRan ( FCX ) Ascends While Market Falls: Some Facts to Note

Freeport-McMoRan (FCX) closed at $48.60 in the latest trading session, marking a +0.58% move from the prior day.

https://www.zacks.com/stock/news/2295244/freeport-mcmoran-fcx-ascends-while-market-falls-some-facts-to-note

The 3 Hottest Stock Upgrades From Last Week

The S&P 500 continues to enjoy a solid run as the improving macro environment, coupled with the AI optimism and recent stock upgrades, provides solid support for risk assets. Last week, Goldman Sachs (NYSE:GS) increased its year-end forecast for the S&P 500 Index to 5,600, up from the previous target of 5,200. This revision by one of the most important financial institutions is attributed to robust earnings growth from five major U.S. technology companies and a higher projected fair value price-to-earnings ratio multiple.  The tech giants Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), Google (NASDAQ:GOOG, NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META) have seen a combined surge of 45%, now representing 25% of the S&P 500’s equity capitalization. Goldman points to upward adjustments in the 2024 earnings estimates for these tech companies and valuation increases driven by growing investor excitement around artificial intelligence. The broker anticipates that stable real yields by the end of the year and strong earnings performance will justify a 15x P/E ratio for the equal-weight S&P 500 Index.  However, the upcoming U.S. presidential election in November poses a significant risk to the S&P 500’s levels, as historically, index volatility has increased leading up to the election. Post-election, the trend typically reverses, with the index recovering to higher levels. The news that Goldman lifted its target came as Evercore ISI also revised its year-end target for the S&P 500 on Sunday, setting it to Street-high 6,000, up from 4,750. The firm expects an 8% earnings growth in 2023, bolstered by the potential of the AI “revolution.” As valuation models are refreshed to account for higher multiples, we look at 3 hottest stock upgrades from last week.

https://investorplace.com/2024/06/the-3-hottest-stock-upgrades-from-last-wee/

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Freeport-McMoRan Inc. Price History

04.05.2024 - FCX Stock was down 5.7%

• The bearish movement in FCX today can be attributed to:
• Declining copper prices, indicating a potential decrease in demand for copper.
• Despite outperforming the market in the last 5 years, the current market conditions and falling commodity prices may have led investors to sell off FCX shares.
• The options market sentiment, with a noticeably bullish stance on FCX, might not have been strong enough to counteract the overall negative market sentiment towards the stock.
• The disappointing first-quarter earnings of Designer Brands Inc. (DBI) may have also contributed to a broader negative sentiment in the retail sector, impacting FCX as well.

04.05.2024 - FCX Stock was down 5.7%

• Today's bearish movement in FCX can be attributed to:
• The surge in demand for copper, such as highlighted in discussions about AI and EVs, may have led to profit-taking by investors.
• Despite a positive stance taken by large investors in the options market, the overall market sentiment towards FCX might have shifted due to potential concerns about supply constraints or macroeconomic factors.
• The broader trend of investors seeking robust mining stocks to benefit from the recovery of the global economy and the transition to clean energy could have also influenced the bearish movement in FCX as part of a sector-wide correction.
• The long-term focus on stocks with staying power might have prompted some investors to reconsider their short-term positions in FCX, leading to today's downward movement.

26.03.2024 - FCX Stock was up 5.1%

• FCX stock experienced a strong bullish movement today.
• The company reported impressive Q1 2024 results, surpassing analyst estimates for both earnings per share (EPS) and revenue.
• Freeport-McMoRan's strong financial performance was driven by robust copper sales and improved cost efficiencies.
• The optimistic outlook for copper by the CEO and the completion of a significant share repurchase program also contributed to the positive market sentiment surrounding FCX, reflecting investor confidence in the company's future prospects.

17.03.2024 - FCX Stock was up 5.1%

• FCX experienced a bullish movement today amidst a focus on commodities, particularly copper, due to the ongoing global economic recovery.
• Analysts estimating a decline in FCX's earnings might have initially dampened investor sentiment, but the strong performance of copper stocks in general could have offset these concerns.
• The positive sentiment towards commodities, especially copper, coupled with mentions on financial programs, likely contributed to the bullish movement in FCX's stock.
• Despite potential earnings challenges, the overall market optimism towards copper and industrial sectors could have overshadowed these worries, leading to the bullish trend in FCX.

13.02.2024 - FCX Stock was up 8.7%

• Despite some large investors taking a negative view on FCX, the stock rose by +1.43%.
• FCX ended the day at $40.42, showing growth compared to the previous day, in line with the overall market trend.
• The positive attitude of wealthy investors towards FCX, indicated by options activity, likely influenced the stock's upward trajectory.
• While Steve Weiss sold FCX and purchased more shares of Archer-Daniels-Midland, the impact on FCX's performance was minor compared to broader market conditions and investor sentiment.

13.02.2024 - FCX Stock was up 5.7%

• FCX saw a positive gain of +1.43% despite a downturn in the broader market.
• Observing bullish options activity surrounding FCX points to favorable investor sentiment, potentially influencing the stock's upward trajectory.
• The sector's attention on metal companies positioned for growth in renewable energy, particularly those involved in essential minerals like copper, could have contributed to the optimistic view on FCX.
• The decision by Steve Weiss to sell FCX and increase holdings in Archer-Daniels-Midland reflects individual adjustments in his portfolio and may not have directly impacted FCX's positive performance.

07.02.2024 - FCX Stock was up 5.4%

• Reasons for the bullish movement in FCX:
• Positive market sentiment towards metal companies expected to thrive in the green energy upswing, especially those involved in critical minerals essential for clean energy adoption.
• The company's support for exploration projects, exemplified by the recent update on the 2023 Todd Creek Program by ArcWest Exploration Inc., which contributed to increased investor confidence in FCX.
• Despite a market decline, FCX's stock price rose by +1.03%, underlining its resilience and potential for better performance compared to broader market trends.
• Participation in key industry events like the BMO Capital Markets Global Metals Mining & Critical Minerals Conference may have attracted positive attention and investor interest in Freeport-McMoRan's growth strategies and future prospects.

17.00.2024 - FCX Stock was down 5.1%

• The bearish movement in FCX today can be attributed to several factors:
• 1. Short Interest: The decrease in FCX's short percent of float indicates a decline in bearish sentiment among investors. This could have contributed to the downward pressure on the stock price.
• 2. Bearish Options Trades: The presence of bearish options trades suggests that investors with significant capital have taken a pessimistic stance on FCX. This could have influenced market sentiment and contributed to the bearish movement.
• 3. Reduction in Stock Positions: Thompson Investment Management Inc. and Patten & Patten Inc. both reduced their stock positions in FCX. This selling pressure could have added to the downward momentum of the stock.
• 4. Market Performance: Despite gains in the overall market, FCX experienced a drop in its stock price. This divergence from the broader market could indicate specific factors affecting FCX's performance, potentially contributing to the bearish movement.
• Overall, the bearish movement in FCX today may be attributed to a combination of reduced short interest, bearish options trades, reduction in stock positions by investment firms, and specific factors affecting FCX's performance in the market.

01.11.2023 - FCX Stock was up 6.0%

• The stock closed at $37.32, marking a +0.4% move from the previous day.
• Short interest in FCX has risen by 3.33%, indicating increased bearish sentiment among traders.
• There has been a surge in options activity, with investors taking a bullish stance on FCX.
• L2 Asset Management LLC reduced its stake in FCX by 49.9% during the second quarter.
• Overall, despite the decrease in institutional ownership, the bullish options activity and the slight increase in stock price suggest that FCX had a bullish market movement today. The increased short interest may indicate some bearish sentiment, but it did not significantly impact the overall trend.

14.10.2023 - FCX Stock was up 6.4%

• The bullish movement in FCX's stock today can be attributed to the following factors:
• 1. Increased buying activity: Commonwealth of Pennsylvania Public School Empls Retrmt SYS and River Wealth Advisors LLC both bought shares of FCX, indicating positive sentiment and confidence in the company's prospects.
• 2. Decreased selling activity: Essex Financial Services Inc. sold some of its holdings in FCX, but this did not significantly impact the overall market movement.
• 3. Positive market capitalization: FCX has a market capitalization of $48.30 billion, which suggests a strong valuation and investor interest in the company.
• 4. Whales taking a bearish stance: While there were reports of some investors taking a bearish stance on FCX, the overall market movement remained bullish, indicating that these positions did not have a significant impact.
• Overall, the bullish movement in FCX's stock today can be attributed to increased buying activity, positive market capitalization, and a generally optimistic outlook for the company's prospects.

20.09.2023 - FCX Stock was down 5.1%

• Despite an increase in copper, gold, and moly production in Q3, FCX experienced a bearish market movement.
• The weakness in Chinese real estate demand for copper offset the positive news of increased production.
• The strong copper sales and prices reported in the earnings call were not enough to counter the overall market sentiment.
• The beat in revenue growth and improved margins were overshadowed by the bearish market movement.

06.09.2023 - FCX Stock was up 5.1%

• FCX closed at $35.37, marking a -1.37% move from the prior day. However, this slight drop does not reflect the overall bullish movement of the stock.
• Over the past 5 years, FCX has outperformed the market, producing an average annual return of 22.21% and currently having a market capitalization of $51.51 billion.
• FCX reported impressive Q2 2023 results, beating expectations with $343m profit and $0.35 EPS, which could have contributed to the bullish movement.
• Despite the possibility of short-term weakness, FCX is considered an attractive long-term investment, especially with the expectation of riding the copper wave higher.
• Overall, the positive market movement of FCX today can be attributed to its strong financial performance and the optimistic outlook for the mining industry, particularly in relation to copper.