Key TakeawaysThe S&P 500 edged 0.1% higher on Friday, May 17, 2024, ending the week just a few points below its all-time high posted Wednesday. Shares of mining company Freeport-McMoRan hit a 52-week high as copper prices jumped to record levels.Paramount Global shares dropped amid reports that its board is looking into replacing its CEO with an executive committee as buyout negotiations continue. Major U.S. equities indexes were mixed to close out a trading week that saw all three market gauges pop to all- ...

Freeport-McMoRan (FCX) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this mining company have returned +3.8%, compared to the Zacks S&P 500 composite's +5% change. During this period, the Zacks Mining - Non Ferrous industry, which Freeport-McMoRan falls in, has gained 6.3%. The key question now is: What could be the stock's future d ...

No curveballs from the April CPI data … this commodity is breaking out as Eric Fry suggested … another Fry recommendation for you … last call for the Masters in Trading Summit replayThis morning, we got the second of this week’s three inflation reports, and all things considered, it was a win.April’s Consumer Price Index (CPI) increased 0.3% from March, which was slightly below the Dow Jones estimate of 0.4%. The year-over-year figure rose 3.4%, which was in line with expectations.Core CPI, which strips out ...

Start Time: 09:30 January 1, 0000 9:27 AM ET Freeport-McMoRan Inc. (NYSE:FCX) BofA Securities Global Metals, Mining and Steel Conference May 14, 2024, 09:30 AM ET Company Participants Richard Adkerson - Chairman and CEO Conference Call Participants Lawson Winder - Bank of America Operator Good morning, and hello from me. For those of you just joining us, again, welcome to BofA's 41st Annual Global Metals, Mining and Steel Conference. I'm Lawson Winder, BofA's North American senior metals and mining analyst. ...

Tech Takes a BreatherThough other market segments have performed well since the S&P 500 Index printed lows in late 2022, the dominant sector has been tech stocks, with cash-rich, “growthy,” mega-cap tech stocks doing the heavy lifting. For example, chip leader Nvidia ((NVDA) is up more than 200% over the past year while its market cap has ballooned to more than $2 trillion. That said, investors need to observe subtle changes on Wall Street and track which groups are garnering attention.Over the past few wee ...

Investment Thesis - The growth of AI data centers and the expansion of the EV sector are driving increased demand for copper, positioning Freeport-McMoRan as a strong buy [1] - Copper leaching technology and reduced Chinese demand previously raised concerns, but AI and EV trends are expected to offset these risks [1] - The company's operational expertise and technological leadership in copper extraction are key strengths in meeting rising demand [1] Follow-Up Coverage - AI data centers require 4-6 times more power than traditional setups, significantly increasing copper demand [2] - Data center spending is projected to double to $2 trillion, further boosting copper demand [2] - Freeport-McMoRan's extensive mining operations and scalability make it a primary beneficiary of this trend [2] Management Commentary - The company's copper leach initiative has increased production by 200 million pounds annually, adding significant value [3] - The Smelter project in Indonesia has the highest net present value potential due to low capital and operating costs [3] - The Kucing Liar development in Indonesia is expected to commence production by 2030, with additional exploration targets identified [3] - McKinsey forecasts annual copper demand to reach 36.6 million metric tons by 2031 due to electrification and AI growth [3] Valuation - Freeport-McMoRan is undervalued with a forward EV/EBIT ratio of 11.32 compared to the sector median of 13.47, indicating an 18.99% upside [4] - The company has strong profitability metrics, including an EBIT margin of 26.14% and an EBITDA margin of 36.52%, both above sector medians [4] - Net debt is below the $3-4 billion target, with half of available cash flows allocated to shareholder returns and the rest to debt reduction and growth projects [4] Risks - Regulatory challenges in Indonesia, including a ban on raw material exports, have impacted operations, but the company has invested $3 billion in smelting infrastructure to mitigate this [5] - China's copper demand declined by 6.3% in 2023, with the Yangshan premium dropping to zero, reflecting cooling demand [5] - Increased competition from players like Codelco and BHP, which are aggressively expanding copper production [5] Conclusion - Freeport-McMoRan is well-positioned to capitalize on the growing demand for copper driven by AI, electrification, and sustainable energy [7] - The company's focus on technological innovation, regulatory adaptability, and strong financial management supports its bullish outlook [7] - Despite previous concerns, the company's profitability metrics and market dynamics make it a strong buy [7]

The copper sector plays a pivotal role in the global economy, primarily due to its essential use in various industries including construction, electronics, and renewable energy technologies. Copper’s excellent conductivity makes it indispensable in electrical applications, driving demand in line with economic growth and technological advancements.Investing in copper stocks offers an opportunity to capitalize on this demand, especially with the ongoing global push towards electrification and sustainable ener ...

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-11307-01 Freeport-McMoRan Inc. (Exact name of registrant as specified in its charter) Delaware 74-2480931 (State or other juris ...

Vale S.A. (VALE) reported first-quarter 2024 adjusted earnings per share of 39 cents, which missed the Zacks Consensus Estimate of 42 cents. The bottom line was down 5% from 41 cents reported in the year-ago quarter.While there was an improvement in sales volumes of iron ore and copper courtesy of continued operational improvements, this was negated by reduced sales volumes of nickel, as well as declines in prices for iron ore, copper and nickel. Additionally, elevated costs and expenses contributed to the ...

This copper miner's leaching initiative and substantive brownfield expansion opportunities put it in an ideal spot to benefit from an increase in the price of copper.Shares of Freeport-McMoRan (FCX 2.23%) have already demonstrated their potential with a 13% gain this year that has easily outpaced the S&P 500's near 5% improvement. This success story is just the beginning, and it's a strong indicator of the potential for this commodity play to outperform the market.I am optimistic that this trend could conti ...