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Freeport-McMoRan Inc. ($FCX) Stock Forecast: Down 5.7% Today

Morpher AI identified a bearish signal. The stock price may continue to fall based on the momentum of the negative news.

What is Freeport-McMoRan Inc.?

Freeport-McMoRan (FCX) is a mining company known for its production of copper, gold, and molybdenum. The stock is listed on the NYSE under the ticker symbol FCX.

Why is Freeport-McMoRan Inc. going down?

FCX stock is down 5.7% on Jul 18, 2024 18:37

  • Recent bearish options activity on FCX suggests a negative sentiment among investors that could weigh on the stock price.
  • Despite anticipated earnings growth, significant investors' bearish outlook implies concerns about the company's future performance.
  • The minor decrease in FCX stock price by -0.16% appears to mirror the prevailing bearish sentiment in the market, influenced by today's bearish options trends.
  • The downward movement in FCX today may be linked to investors' cautious approach possibly due to global economic uncertainties or industry-specific challenges affecting the mining sector.

FCX Price Chart

FCX News

Spotlight on Freeport-McMoRan: Analyzing the Surge in Options Activity - Freeport-McMoRan ( NYSE:FCX )

Investors with a lot of money to spend have taken a bearish stance on Freeport-McMoRan FCX. 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.

https://www.benzinga.com/insights/options/24/07/39845662/spotlight-on-freeport-mcmoran-analyzing-the-surge-in-options-activity

News Article Image Spotlight on Freeport-McMoRan: Analyzing the Surge in Options Activity - Freeport-McMoRan  ( NYSE:FCX )

Freeport-McMoRan ( FCX ) Earnings Expected to Grow: Should You Buy?

Freeport-McMoRan (FCX) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

https://www.zacks.com/stock/news/2302559/freeport-mcmoran-fcx-earnings-expected-to-grow-should-you-buy

News Article Image Freeport-McMoRan  ( FCX )  Earnings Expected to Grow: Should You Buy?

Behind the Scenes of Freeport-McMoRan's Latest Options Trends - Freeport-McMoRan ( NYSE:FCX )

Deep-pocketed investors have adopted a bearish approach towards Freeport-McMoRan FCX, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today.

https://www.benzinga.com/insights/options/24/07/39782217/behind-the-scenes-of-freeport-mcmorans-latest-options-trends

News Article Image Behind the Scenes of Freeport-McMoRan's Latest Options Trends - Freeport-McMoRan  ( NYSE:FCX )

Freeport-McMoRan ( FCX ) Stock Moves -0.16%: What You Should Know

In the latest trading session, Freeport-McMoRan (FCX) closed at $51.51, marking a -0.16% move from the previous day.

https://www.zacks.com/stock/news/2300341/freeport-mcmoran-fcx-stock-moves--016-what-you-should-know

News Article Image Freeport-McMoRan  ( FCX )  Stock Moves -0.16%: What You Should Know

Freeport-McMoRan Inc. Price History

18.06.2024 - FCX Stock was down 5.7%

  • Recent bearish options activity on FCX suggests a negative sentiment among investors that could weigh on the stock price.
  • Despite anticipated earnings growth, significant investors' bearish outlook implies concerns about the company's future performance.
  • The minor decrease in FCX stock price by -0.16% appears to mirror the prevailing bearish sentiment in the market, influenced by today's bearish options trends.
  • The downward movement in FCX today may be linked to investors' cautious approach possibly due to global economic uncertainties or industry-specific challenges affecting the mining sector.

18.06.2024 - FCX Stock was down 5.6%

  • The bearish movement in FCX today can be attributed to the bearish options trends adopted by deep-pocketed investors.
  • Despite the expected earnings growth, the market sentiment seems to have been swayed by the significant bearish approach towards FCX in the options market.
  • The slight decrease in stock price (-0.16%) might have contributed to the overall bearish movement today.
  • The long-term outperformance of FCX could indicate that today's bearish movement might be a short-term correction rather than a long-term trend.

18.06.2024 - FCX Stock was down 5.1%

  • Deep-pocketed investors have taken a bearish stance on FCX, as indicated by the latest options trends.
  • This bearish sentiment could be attributed to concerns about global economic growth impacting demand for industrial metals like copper, a significant part of FCX's business.
  • The market movement might also reflect broader investor sentiment towards the mining sector or specific company-related factors affecting FCX's outlook.
  • Traders should closely monitor further developments in the options market and global economic indicators to gauge FCX's future performance.

03.06.2024 - FCX Stock was up 5.2%

  • 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.

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.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.