Core Viewpoint - Four stocks in the materials sector are identified as potentially overbought, indicating a warning for momentum-focused investors as of September 27, 2024 [1] Company Summaries - **Freeport-McMoRan Inc (FCX)** - Declared cash dividends of 15 cents per share, payable on November 1, to shareholders of record as of October 15 - Stock gained approximately 17% over the past five days, reaching a 52-week high of $55.24 - RSI Value: 76.95; Price Action: Shares rose 7.5% to close at $51.91 on Thursday [2] - **Mp Materials Corp (MP)** - Approved a $300 million increase to its share repurchase program, totaling $600 million - Stock gained around 20% over the past five days, with a 52-week high of $20.85 - RSI Value: 78.23; Price Action: Shares increased 4.6% to close at $16.90 on Thursday [3] - **ArcelorMittal SA (MT)** - Upgraded from Hold to Buy by Deutsche Bank, with a price target raised from $29 to $31 - Stock gained about 10% over the past month, reaching a 52-week high of $29.01 - RSI Value: 72.57; Price Action: Shares rose 5.1% to close at $25.93 on Thursday [4] - **Southern Copper Corp (SCCO)** - Maintained an Underweight rating by Morgan Stanley, with a price target increased from $97 to $100 - Stock jumped approximately 15% over the past five days, with a 52-week high of $129.07 - RSI Value: 73.34; Price Action: Shares gained 8.2% to close at $120.43 on Wednesday [5]

China's move to stimulate its economy pleased copper bulls and Freeport McMoRan shareholders alike.Shares in copper miner Freeport McMoRan (FCX 7.45%) rose by 16.6% in the week to Friday morning. The move comes after China's central bank took some widely anticipated measures to stimulate growth in the Chinese economy. In turn, that encouraged investors to buy copper -- China is seen as the swing factor in demand for copper -- and the price of copper rallied from around $4.27 per pound at the start of the we ...

Freeport-McMoRan (FCX) shares soared 7.9% in the last trading session to close at $48.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 0.1% loss over the past four weeks.FCX’s rally appears to be driven by a spike in copper and gold prices.  Copper prices surged to their highest level in more than two months on improving demand in top consumer China, backed by the announcement of economic stimulus measures by the government of ...

Key TakeawaysThe S&P 500 added 0.3% on Tuesday, Sept. 24, as a report showed a slump in consumer confidence and China unveiled an economic stimulus package.Shares of mining giant Freeport-McMoRan soared as copper prices jumped following Beijing's monetary policy announcement.Visa shares tumbled after the U.S. Department of Justice filed an antitrust lawsuit against the credit card issuer. Major U.S. equities indexes ticked higher on Tuesday, shaking off a report that revealed a steeper-than-expected drop in ...

Group 1 - Freeport-McMoRan shares surged approximately 8% due to rising copper and gold prices, driven by China's economic stimulus package [1][2] - Copper futures increased around 4%, reaching their highest level since mid-July, following China's announcement of measures to boost its housing and financial markets [1][3] - Gold prices have reached record highs, influenced by the Federal Reserve's interest-rate cuts and global monetary easing, with analysts predicting potential prices of $3,000 per ounce by mid-2025 [2][4] Group 2 - The recent uptick in copper prices is attributed to the weakening of the dollar, making copper cheaper for international buyers, which could enhance global demand [3] - China's stimulus package is expected to significantly impact copper demand, particularly in the property and construction sectors, where copper is extensively used [3] - The ongoing uncertainty surrounding the U.S. presidential election may further drive investment in gold as a safe haven asset [4]

Group 1: Economic Stimulus Impact - The People's Bank of China cut the reserve requirement ratio by 50 basis points and the seven-day reverse purchase rate to 1.5% [1] - These stimulus measures resulted in gains of 4.2% for China's Shanghai Composite and 4.1% for Hong Kong's Hang Seng [1] Group 2: Copper Market Response - The stimulus measures are boosting copper prices as traders anticipate stronger demand from China, a major metal consumer [1] - Mining companies such as Rio Tinto plc, Southern Copper Corp, and Freeport-McMoRan Inc are experiencing positive market conditions [1] Group 3: Company Performance - Rio Tinto (RIO) is up 4.4% to $67.44, on track for its best single-day percentage gain in over a year, and trading at its highest level since July [1] - Southern Copper Corp (SCCO) is up 7.4% to $113.91, adding to a 34.2% year-to-date lead and aiming for its best day since November 2022 [2] - Freeport-McMoRan Inc (FCX) is up 7.8% to $48.67, extending its bounce from the $34 level and hitting its highest level in roughly two months, with a 30% increase over the last 12 months [2][2]

Freeport-McMoRan (FCX) ended the recent trading session at $44.53, demonstrating a -1.35% swing from the preceding day's closing price. The stock's change was less than the S&P 500's daily loss of 0.19%. Meanwhile, the Dow gained 0.09%, and the Nasdaq, a tech-heavy index, lost 0.36%.Coming into today, shares of the mining company had gained 4.25% in the past month. In that same time, the Basic Materials sector gained 2.2%, while the S&P 500 gained 2.06%.The upcoming earnings release of Freeport-McMoRan will ...

Group 1: Precious Metals Market Overview - Investors have increasingly turned to safe haven precious metals like gold and silver, driving prices up by approximately 33% over the past year, with gold nearing $2,600 per ounce as of mid-September [1] - Emerging market central banks have been accumulating gold, coinciding with a weakening U.S. dollar and expectations of interest rate cuts by the Federal Reserve, contributing to the surge in gold prices [1] Group 2: Investment Opportunities in Gold - Investors can gain exposure to gold through various means, including holding gold bullion, investing in gold ETFs like SPDR Gold Shares ETF (NYSE: GOLD), which has risen over 32% in the last year, or targeting gold mining stocks [2] Group 3: Freeport-McMoRan Inc. (FCX) Analysis - Freeport-McMoRan is a vertically integrated mining company producing gold, copper, and molybdenum, with a diversified portfolio that mitigates risks from environmental factors [3] - The company reported an EPS of $0.46, exceeding analyst expectations, and revenue increased by nearly 16% year-over-year, with projected earnings growth of almost 40% [3][4] - Analysts have set an average price target of $53.07 for Freeport-McMoRan, indicating a potential upside of 23% from current levels, although the stock has experienced volatility, being down about 20% from its May highs [4] Group 4: Newmont Corp. (NEM) Analysis - Newmont Corp. is the largest publicly traded gold mining company, with a market valuation exceeding $61 billion and a stock improvement of 31% over the past year [5] - The company is expected to achieve future earnings growth of nearly 21%, and its forward P/E ratio of 18.8 suggests it may be undervalued compared to peers [5] - Newmont offers a dividend yield of 1.88%, with a three-year annualized dividend growth exceeding 15%, although its dividend payout ratio is -37.5% due to recent losses, raising concerns about future profitability [6] Group 5: Market Sentiment and Analyst Ratings - Newmont currently holds a "Moderate Buy" rating among analysts, but some top-rated analysts have identified other stocks as better investment opportunities [8]

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.It also includes access to the Zacks Style Scores.What are the Zacks Style Scores?The Zacks Style Score ...

Freeport-McMoRan (FCX) closed the most recent trading day at $41.40, moving -0.5% from the previous trading session. The stock fell short of the S&P 500, which registered a loss of 0.3% for the day. Elsewhere, the Dow lost 0.54%, while the tech-heavy Nasdaq added 0.25%.Prior to today's trading, shares of the mining company had gained 5.29% over the past month. This has outpaced the Basic Materials sector's loss of 0.14% and the S&P 500's gain of 3.42% in that time.Analysts and investors alike will be keepin ...