On Thursday, Shares of Freeport-McMoRan Inc (NYSE:FCX), gained 1.29% to $9.81, as copper prices decline on China manufacturing data.
China declared that its manufacturing sector contracted again in September, which is contributing to concerns about copper demand from the world’s largest metals consumer, Reuters reports. Although the Purchasing Managers’ Index in China showed a slight improvement to 49.8 in September from 49.7 in August, a reading below 50 still indicates a contraction.
However, some analysts anticipate copper prices will rebound, after Chile’s second-biggest copper mine Collahuasi said it will cut output by 30,000 tons, Reuters notes.
Freeport-McMoRan Inc. (FCX) is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. FCX has organized its operations into six primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines, and United States oil and gas operations.
Shares of Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM), inclined 0.55% to $20.86, during its last trading session.
Taiwan Semiconductor Manufacturing gave revenue guidance below analysts’ estimates, putting the chipmaker on track for its first quarterly sales drop in four years amid a weak smartphone market.
Fourth-quarter sales will be NT$198 billion to NT$204 billion, the world’s largest customer chipmaker said, contrast with estimates for NT$213 billion.
The surprise declaration comes as the maker for Apple Inc., Qualcomm Inc. and MediaTek Inc. suffers from sluggish global demand for the semiconductors used in smartphones, personal computers and tablet computers. Chairman Morris Chang said in July the slow rate at which chip inventories were declining was “not a very good omen” for fourth-quarter sales.
The company also raised its third-quarter sales outlook to NT$211 billion to NT$213 billion, assisted by a more favorable U.S. dollar exchange rate. That contrast with a July outlook for sales of as much as NT$210 billion.
Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) is a Taiwan-based company principally engaged in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits (ICs) and other semiconductor devices and the manufacturing of masks. The Company also offers a range of wafer fabrication processes, counting processes to manufacture CMOS (complementary metal oxide silicon) logic, mixed-signal, radio frequency (RF), embedded memory, BiCMOS (bipolar complementary metal oxide silicon) mixed-signal and other semiconductors.
Shares of Southwestern Energy Company (NYSE:SWN), declined -2.44% to $12.38, during its last trading session, after oil prices reversed its earlier gains, driving some energy and related stocks into the red last afternoon.
Oil prices were slipping on concerns regarding a hurricane heading for the east coast of the U.S. and the possibility of damage at some oil installations along the storm’s path, Reuters reports.
Hurricane Joaquin will hit land about 100 miles east of New York City in eastern Long Island, Reuters added. Formerly, the National Hurricane Center had forecast that the storm would hit New York Harbor and New Jersey, the homes of several oil refiners, pipelines and other energy infrastructure.
On other hand, Southwestern Energy Company (NYSE:SWN) was upgraded by Zacks from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, Market Beat.com reports.
According to Zacks, “Southwestern Energy’s second-quarter 2015 production grew 28% year over year mainly on Appalachian production. Also, Southwestern Energy enjoys strong acreage positions in the Fayetteville and Marcellus shales, which offer ample opportunities for newer natural gas discoveries. The company’s effort to build its New Ventures acreage outside New Brunswick is another positive. Brown Dense is predictable to be a key play in its portfolio. However, the volatile natural gas scenario in the U.S. is a concern. Other risk factors comprise technological failures and the lack of a diversified asset base.”
Southwestern Energy Company is an energy company engaged in natural gas and oil exploration, development and production (E&P). The Company is focused on creating and capturing additional value through its natural gas gathering and marketing businesses, which it refer to as Midstream Services. The Company conducts its business through auxiliaries.
Finally, AES Corp (NYSE:AES), ended its last trade with 1.02% gain, and closed at $9.89.
Dayton Power and Light (DP&L), a partner of The AES Corporation (AES), is presenting Wright-Patterson Air Force Base (WPAFB) with an energy efficiency rebate of $1 million in total for energy upgrades that are improving the environment. With guidance from DP&L, the base implemented several initiatives over successive years resulting in the cumulative savings.
WPAFB has improved the energy efficiency at 100 buildings on-base through a variety of enhancements, counting upgraded lighting, energy efficient building design and construction and installing high-efficiency motors, and heating/air conditioning systems.
By making these changes, WPAFB will realize 16,471,946 kilowatt hours per year in energy savings.
Additionally, the environmental impact is equivalent to powering 1,562 homes, taking 2,391 cars off the road and preserving 9,310 acres of forest. The federal government will save $1 million a year in energy costs.
The AES Corporation (AES) is a holding company that operates a portfolio of electricity generation and distribution businesses. The Company is organized into six market-oriented Planned Business Units (SBUs): the United States, Andes (Chile, Colombia and Argentina), Brazil, MCAC (Mexico, Central America and Caribbean), Europe (formerly EMEA) and Asia.
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