Freeport McMoRan call volume above normal and directionally bullish » 10:0502/2102/21/20
Bullish option flow…
Bullish option flow detected in Freeport McMoRan with 29,173 calls trading, 3x expected, and implied vol increasing over 3 points to 44.67%. 3/6 weekly 14 calls and 3/6 weekly 13.5 calls are the most active options, with total volume in those strikes near 19,900 contracts. The Put/Call Ratio is 0.08. Earnings are expected on April 23rd.
Morgan Stanley downgrades Southern Copper to Underweight, prefers Freeport » 09:1402/1802/18/20
As previously reported,…
As previously reported, Morgan Stanley analyst Carlos De Alba downgraded Southern Copper (SCCO) to Underweight from Equal Weight with a $32 price target. The stock's premium valuation relative to peers and its own history seems unwarranted given that production growth is fading, said the analyst, who sees Southern's production peaking in 2019 and remaining range-bound around 1,000Kt in the next six years. While he remains a "copper bull," he prefers to gain exposure through Freeport McMoRan (FCX), added De Alba.
|Over a week ago|
Icahn boosts Hertz, cuts Freeport in Q4 » 16:2102/1402/14/20
HTZ, IEP, OXY, FCX, CVR, HLF, CZR, HPQ
Carl Icahn's Icahn…
Carl Icahn's Icahn Capital disclosed in an SEC filing its holdings as of December 31, 2019. The fund increased its stake in two holdings during the quarter, namely Hertz (HTZ) and Icahn Enterprises LP (IEP). Icahn decreased its stake in two holdings, namely Occidental (OXY) and Freeport-McMoRan (FCX). The fund's told holdings as of December 31, in order of size, were Icahn Enterprises, CVR Energy (CVR), Herbalife Nutrition (HLF), Caesars Entertainment (CZR), and HP Inc. (HPQ).
Early notable gainers among liquid option names on February 11th » 09:5502/1102/11/20
AN, DVA, CCI, FTI, FCX
Notable gainers among…
Notable gainers among liquid option names this morning include AutoNation (AN) $47.16 +3.43, DaVita (DVA) $88.18 +5.43, Crown Castle (CCI) $160.13 +7.21, FMC Technologies (FTI) $16.99 +0.73, and Freeport McMoRan (FCX) $12.71 +0.54.
Freeport McMoRan call volume above normal and directionally bullish » 11:4502/0702/07/20
Bullish option flow…
Bullish option flow detected in Freeport McMoRan with 31,203 calls trading, 1.6x expected, and implied vol increasing over 2 points to 43.33%. Mar-20 13 calls and 2/14 weekly 12.5 calls are the most active options, with total volume in those strikes near 11,800 contracts. The Put/Call Ratio is 0.63. Earnings are expected on April 23rd.
Barrick Gold says not looking to merge with Freeport McMoRan, Reuters reports » 08:2102/0602/06/20
Barrick Gold (GOLD) CEO…
Barrick Gold (GOLD) CEO Mark Bristow says the company isn't looking to merge with Freeport-McMoran (FCX), although he is interested in the company's Grasberg mine in Indonesia, Reuters' Helen Reid reports, citing comments made on the sidelines of the Mining Indaba conference in Cape Town. Bristow says rumors that Barrick plans to combine with Freeport are "completely wrong," but "People say, are you interested in Grasberg? I say I have to be, it's a tier one asset." Reference Link
Unusually active option classes on open February 5th » 09:4002/0502/05/20
COTY, SPOT, DBX, MRK, AVGO, FCX, BHC, UNH, IBM, EBAY
Unusual total active…
Unusual total active option classes on open include: Coty (COTY), Spotify (SPOT), Dropbox (DBX), Merck (MRK), Broadcom (AVGO), Freeport McMoRan (FCX), Bausch Health (BHC), UnitedHealth (UNH), IBM (IBM), and EBay (EBAY).
Copper miners surge amid Glencore production decline » 14:0402/0402/04/20
GLNCY, FCX, SCCO, TRQ, GOLD
Shares of copper miners…
Shares of copper miners Glencore (GLNCY) and Freeport-McMoRan (FCX) are rallying on Tuesday after Glencore reported a 2019 shortfall in copper output. Earlier on Tuesday, Glencore said that its own-sourced copper production of 1,371,200 tonnes was 82,500 tons, or 6%, lower than in 2018. Approximately half of this related to the African Copper assets, with Katanga's ramp-up partially offsetting Mutanda scaling down and placement into temporary care and maintenance and Mopani's extensive smelter refurbishment shutdown. The remainder primarily comprised relatively minor portfolio changes and maintenance. TRADE ISSUES SIDELINE M&A: On January 13, Freeport-McMoRan CEO Richard Adkerson said that the miner has no interest in major strategic deals over the next three years, the Wall Street Journal's Alistair MacDonald reported. The comments potentially stymie informal overtures from Barrick Gold (GOLD), as Barrick CEO Mark Bristow told reporters that there is a logic in a tie-up with Freeport, MacDonald noted. Adkerson, on the other hand, said that his company is too focused on the engineering challenge of turning Grasberg from open-pit mining into an underground operation to consider M&A, and he added that market challenges related to the U.S.-China trade dispute mean this isn't the best time for big strategic moves, the author noted. "Our company is laser-focused on completing that, so we are focused on that and not M&A opportunities," Adkerson told The Journal. "After that is complete, we would be in a position to look at a number of alternatives that could be attractive to our shareholders," he said. PRICE ACTION: Shares of Glencore are up around 5% to $6.00 per share while Freeport is up 6% to $12.12 per share. OTHERS TO WATCH: Southern Copper (SCCO) shares are up over 4%, while Turquoise Hill (TRQ) shares are up 1.5%.
Unusually active option classes on open February 4th » 09:4002/0402/04/20
AVYA, CIEN, DBX, MLCO, GILD, FCX, MRO, BP, ZM
Unusual total active…
Unusual total active option classes on open include: Direxion Energy Bull 3x (ERX), Avaya Holdings (AVYA), Ciena (CIEN), Dropbox (DBX), Melco Resorts (MLCO), Gilead (GILD), Freeport McMoRan (FCX), Marathon Oil (MRO), BP (BP), and Zoom Video Communications (ZM).
Freeport McMoRan put volume heavy and directionally bearish » 11:1501/3001/30/20
Bearish flow noted in…
Bearish flow noted in Freeport McMoRan with 20,275 puts trading, or 2x expected. Most active are Feb-20 10 puts and 1/31 weekly 11 puts, with total volume in those strikes near 13,600 contracts. The Put/Call Ratio is 1.97, while ATM IV is up over 3 points on the day. Earnings are expected on April 23rd.