Overnight, high quality global Copper company Freeport McMoran beat earnings expectations with their 3rd quarter. Revenue of $US5.82bn compared well to the $US5.53bn expected which drove a beat at the earnings line, with EPS of 39c versus consensus of 32c. Overall a good result that just lacked a firm market to enjoy any gains.
- We believe FCX is well positioned for an improvement in China’s economy – we are FCX in our International Equities Portfolio.
MM is long and bullish FCX
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