Freeport-McMoRan’s Profit and Revenue Rise, Beating Expectations (FCX)

Mining giant Freeport-McMoRan Copper & Gold Inc. ( FCX ) on Wednesday posted better-than-expected second quarter earnings results, sending its shares higher in premarket trading. The Phoenix-based company reported second quarter net income of $649 million, or $1.40 per share, compared with $588 million, or $1.38 per share, in the year-ago period. revenue rose 4.9% from last year, to $3.86 billion. On average, Wall Street analysts expected a smaller profit of $1.28 per share, on lower revenue of $3.53 billion. FCX said it expects to sell 3.8 billion pounds of copper, 1.8 million ounces of gold, and 63 million pounds of molybdenum in 2010. Freeport-McMoRan shares jumped $3.43, or +5.3%, in premarket trading Wednesday. The Bottom Line We had removed shares of FCX from our recommended list Sept. 2, 2008, when the stock was trading at $89.32. The company has a 1.87% dividend yield, based on last night’s closing stock price of $64.32.The stock has technical support in the $58-$60 price area. If the shares can firm up, we see overhead resistance around the $71-$73 price levels. We would remain on the sidelines for now. Freeport-McMoRan Copper & Gold Inc. ( FCX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

More:
Freeport-McMoRan’s Profit and Revenue Rise, Beating Expectations (FCX)

Tags: , , , , , , , , , , ,

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *