Shares of Freeport (FCX) Reverse and Turn Positive Amid Broader Market Weakness
Shares of Freeport-McMoRan (NYSE: FCX) have just rallied nearly 4% on pretty heavy volume. We are not hearing any company specific news that could justify such a momentous move. After gapping about 2% lower this morning, Freeport stock is now up about 2%, most recently trading at $42.54.
Notably, shares of Freeport have surged more than 171% since setting a new 52-week low at $15.70 in early-December.
The mining-giant, which is often used as a quick reference to the entire metals sector, is bucking its sectors trend this morning. Despite copper and gold prices which are moving higher today, the majority of the commodities complex is down with the broader averages. The Energy Select Sector SPDR ETF (NYSE: XLE) is currently down 2.2%, while the ProShares Ultra Basic Materials ETF (NYSE: UYM) is down 4%. Also, the SPDR Gold Trust ETF (NYSE: GLD), an extremely popular measure of gold prices, is up 1.3%.
Notably, shares of Freeport have surged more than 171% since setting a new 52-week low at $15.70 in early-December.
The mining-giant, which is often used as a quick reference to the entire metals sector, is bucking its sectors trend this morning. Despite copper and gold prices which are moving higher today, the majority of the commodities complex is down with the broader averages. The Energy Select Sector SPDR ETF (NYSE: XLE) is currently down 2.2%, while the ProShares Ultra Basic Materials ETF (NYSE: UYM) is down 4%. Also, the SPDR Gold Trust ETF (NYSE: GLD), an extremely popular measure of gold prices, is up 1.3%.
You May Also Be Interested In
- Proctor & Gamble (PG) To Change 'Tide Pods' Design So Kids Don't Eat Them
- Auxilium (AUXL) Files Suit Against Watson (WPI) Over Testim 1% Gel
- F5 Networks (FFIV) Nears 200-Day DMA Support Level; Volatility Up on Early Dip
Create E-mail Alert Related Categories
Corporate News, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
