Freeport-McMoRan Inc. (NYSE:FCX), declined -8.03%, as oil and copper prices tumble today.
OPEC’s decision on Friday to keep production above 30 million barrels per day despite the global supply glut is pushing oil prices near seven-year lows today.
Additionally, copper prices are down this afternoon as a stronger dollar exacerbates concern about demand from top metals consumer China, Reuters reports. The stronger dollar is dragging down oil prices as well.
Copper for March delivery is down by 1.56% to $2.05 per pound on the COMEX this afternoon.
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. The company operates through North America Copper Mines; South America Mining; Indonesia Mining; Africa Mining; Molybdenum Mines; United States (U.S.) Oil and Gas Operations; Rod & Refining; and Atlantic Copper Smelting & Refining segments.
Staples, Inc. (NASDAQ:SPLS), declined -12.78%. Staples, Inc. (Nasdaq: SPLS) and Office Depot, Inc. (Nasdaq: ODP) declared that they intend to contest the U.S. Federal Trade Commission’s decision to challenge the merger of the two companies. The companies were informed of the FTC’s decision earlier today.
The projected acquisition would benefit customers, employees and shareholders, and the companies look forward to a full, impartial judicial review of the competitive effects of the transaction.
Staples and Office Depot will demonstrate that the FTC’s decision is based on a flawed analysis and misunderstanding of the intense competitive landscape in which Staples and Office Depot compete. In fact, the FTC’s decision to contest the merger contradicts its own unanimous ruling in the Office Depot – OfficeMax merger in 2013, in which the commission declared the market highly competitive. At the time, the FTC ruled that Staples and Office Depot face “strong competition” from “a host” of competitors. The office products landscape has grown even more competitive since then.
Staples, Inc., together with its auxiliaries, operates office products superstores. It operates through three segments: North American Stores & Online, North American Commercial, and International Operations. The company offers a range of office supplies, business technology products and services, facility and breakroom supplies, computers and mobility products, and office furniture under the Staples, Quill, and other proprietary brands. It also provides copy and print services to its retail and delivery customers, in addition to technology services through its EasyTech business. The company sells and delivers office products and services directly to businesses and consumers through its Staples.com and Staples.ca, and Quill.com Websites, in addition to through retail stores, contract sales force, and direct mail catalog business. As of January 31, 2015, it operated about 1,983 retail stores in the United States, Canada, Finland, Germany, the Netherlands, Norway, Portugal, Sweden, the United Kingdom, Argentina, and Australia; and 109 distribution and fulfillment centers in the United States, Canada, Austria, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, the United Kingdom, China, Argentina, Brazil, and Australia. Staples, Inc. was founded in 1985 and is headquartered in Framingham, Massachusetts.