Top 4 Materials Stocks That May Implode In Q3

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]