Why Freeport-McMoRan Stock Jumped 11% in July
Shares of copper miner Freeport-McMoRan (NYSE: FCX) gained roughly 11% in July, according to data from S&P Global Market Intelligence. That advance, however, wasn't a straight line. The shares were up by nearly 18% at one point in the middle of the month, but then pulled back in the back half of the period, which makes complete sense when you step back and look at the big picture.
Freeport-McMoRan reported earnings in late July. The story was pretty good, all things considered. The miner posted earnings of roughly $0.03 per share in the second quarter, compared from a loss of $0.05 per share in the same period of 2019. It also highlighted that it was doing OK managing its business through the COVID-19 pandemic. Copper production and pricing were lower year over year, but gold production and pricing were both higher. Add those trends to cost-containment efforts, and the overall results were decent.
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Source Fool.com
