So far, Freeport-McMoRan (FCX) is having a terrible year. Based on the closing prices on August 9, the stock has lost 18.8% in 2018. Other copper miners have also seen losing investors’ interest amid falling copper prices. Southern Copper (SCCO) and Antofagasta (ANTO) have fallen 2.5% and 2.9%, respectively, in 2018. Glencore (GLEN-L) received a subpoena from the Department of Justice earlier this year. Glencore has fallen 15.3% year-to-date.
Base metals have also come under pressure after a strong start in 2018. Metals have looked vulnerable amid US-China trade war concerns. Copper is hovering near the $6,200 per metric ton level. Although copper prices have bounced back slightly after briefly dipping below the psychologically crucial $6,000 per metric ton level, copper is way below its 2018 highs. Earlier this year, concerns about a possible supply disruption at BHP Billiton’s (BHP) Escondida helped lift copper prices above $7,000 per metric ton.
Coming back to Freeport, the stock has underperformed some of the other copper miners. In this series, we’ll discuss Freeport’s bullish and bearish drivers. We’ll also see what’s been ailing Freeport this year and whether the stock can recover from its recent slump.
Next, we’ll discuss Freeport’s bearish drivers.
While the Heads of Agreement was a step forward for Freeport and Indonesia in their long-standing impasse, it fell short of a final resolution.
In April so far, Italian-American auto giant Fiat Chrysler Automobiles (FCAU) has outperformed the broader market by a wide margin after underperforming in the first quarter.
Royal Dutch Shell (RDS.A) is slated to release its Q1 2019 results on May 2. Before we review the Q1 2019 estimates, let’s recap Shell’s Q4 2018 performance compared to forecasts.
United Parcel Service (UPS) is scheduled to report its first-quarter earnings results on April 25.
Cleveland-Cliffs (CLF) is expected to report its first-quarter earnings results on April 25.
While the overall cannabis sector experienced weakness on April 23, some stocks managed to gain some positive momentum in the first half of the day.
After being listed on the NASDAQ (QQQ) on March 29, Lyft (LYFT) stock has traded on a negative note so far.