On Tuesday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), lost -12.27% to $10.22, hitting its lowest level.
Freeport-McMoRan offered an update on its progress in reducing costs and capital spending.
In response to current oil and gas market conditions, Freeport-McMoRan Oil and Gas (FM O&G) is deferring investments in several long-term projects. In addition, FM O&G has revised its estimate of the start-up of initial production from its recent drilling success in the Horn Mountain area to 2016 from the formerly estimated start-up in 2017. This revised operating plan will allow FM O&G to continue to grow production and enhance cash flow in a weak oil and gas price environment.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.
Shares of Starbucks Corporation (NASDAQ:SBUX), inclined 0.14% to $56.35, during its last trading session.
Starbucks Coffee Company (NASDAQ:SBUX), together with Premium Restaurants of America (PRA), its long-term planned licensing partner in Central America, opened its first store in Panama, making it Starbucks 15th market in Latin America and 67th worldwide. Located in Panama City’s Street Mall shopping center, the new store proudly features Starbucks Reserve™ Panama Carmen Estate coffee, part of the company’s exclusive Starbucks Reserve™ collection of unique, small-batch coffees.
“We are proud to bring the Starbucks Experience to customers in Panama and build our brand in a way that honors the coffee passion and traditions inherent to this region,” said Rich Nelsen, senior vice president and general manager for Starbucks in Latin America, where the company now has more than 880 stores employing over 12,000 partners (employees). “By extending our relationship with Premium Restaurants of America, we are diligently positioning the brand for continued growth in Latin America as we enter our 15th market in the region.”
Starbucks Corporation operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; Europe, Middle East, and Africa; China/Asia Pacific; and Channel Development. The company’s stores offer coffee and tea beverages, packaged roasted whole bean and ground coffees, single serve products, and juices and bottled water.
Finally, General Growth Properties, Inc (NYSE:GGP), ended its last trade with 1.85% gain, and closed at $28.04.
General Growth Properties stated results for the three and six months ended June 30, 2015.
Financial Results For the Three Months Ended June 30, 2015
Comparable net operating income (Same Store NOI) raised 3.6% to $543 million from $524 million in the preceding year period.
Company earnings before interest, taxes, depreciation and amortization (Company EBITDA) raised 4.9% to $508 million from $485 million in the preceding year period.
Company funds from operations (Company FFO) per share raised 5.5% to $0.33 per diluted share from $0.31 per diluted share in the preceding year period. Company FFO raised 7.1% to $319 million from $298 million in the preceding year period.
Net income attributable to common stockholders, which is influenced primarily by depreciation expense and unmerged real estate associates - gain on investment was $418 million, or $0.44 per diluted share, as contrast to net income of $170 million, or $0.18 per diluted share, in the preceding year period.
General Growth Properties, Inc is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It engages in owning, managing, leasing, and redeveloping high-quality regional malls. General Growth Properties, Inc is based in Chicago, Illinois.
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