Freeport-McMoRan (FCX) Sinks As Copper Falls on China Sell-Off
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Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) is down 4.2%, nearly mirroring the 4% slide in copper today which followed the huge 6.7% stock sell-off in China.
On CNBC, commentator Ron Insana said he was short Freeport-McMoRan, saying he expects China to lead us lower over the short-term. With this he expects commodities to head lower.
Other commodity-related stocks are also lower today, including Alcoa, Inc. (NYSE: AA) -3.6% and U.S. Steel (NYSE: X) -2.2%, among others.
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