Freeport-McMoRan Inc
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Materials : Metals & Mining | Large Cap Value
Company profile

Freeport-McMoRan Inc. (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company's segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other. The Company's segments include the Morenci, Cerro Verde, Grasberg copper mines, the Rod & Refining operations and the United States (U.S.) Oil and Gas Operations. The Company has organized its operations into five divisions, which include North America copper mines, South America mining, Indonesia mining and Molybdenum mines. The Company's portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits, and mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America.

Day's Change
0.72 (2.40%)
B/A Size
Day's High
Day's Low
(Heavy Day)

Today's volume of 6,409,525 shares is on pace to be much greater than FCX's 10-day average volume of 17,378,471 shares.


Tesla stock lower ahead of second-quarter sales

12:48 pm ET June 28, 2022 (MarketWatch)

By Claudia Assis

Tesla sales numbers expected to drop quarter-on-quarter

Tesla Inc. is set to unveil later this week second-quarter deliveries, the electric-car maker's proxy for sales, which were likely hit by pandemic-related lockdowns in China and down from recent quarters.

Tesla (TSLA) reports production and deliveries numbers by quarter, rather than by month like other auto makers such as Ford Co. (F) It does not set a firm date but usually releases the closely followed previous-quarter data in the first couple of days in the new quarter.

Dan Levy at Credit Suisse said in a recent note he expects second-quarter deliveries of around 242,000 vehicles, "constrained by China COVID lockdowns."

Credit Suisse is below FactSet analyst consensus calling for around 270,000 vehicles delivered in the quarter. Tesla delivered 310,000 vehicles in the first quarter and 309,000 in the fourth quarter.

April and May sales combined deliveries were likely around 100,000, Levy said, with June deliveries benefiting from the recovery of production at Tesla's factory in Shanghai and improvements at other Tesla plants.

China's "COVID zero" policies have resulted in factory shutdowns across the nation.

"Despite challenges, (Credit Suisse's) case for Tesla is amplified," Levy said. There are "robust fundamentals ahead" outweighing near-term challenges such as the disruption in China, the ongoing chip shortage, and others.

"Tesla remains the global leader in EV, and amid rising supply chain risks, we believe Tesla's lead over other auto makers in the race to EV is only amplified given its lead in vertical integration and its prior EV experience," the analyst said.

Shares of Tesla have fallen about 35% this year, compared with losses of around 16% for the S&P 500 index .

-Claudia Assis


(END) Dow Jones Newswires

June 28, 2022 12:48 ET (16:48 GMT)

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