On Tuesday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), gained 3.66% to $20.11.
Freeport-McMoRan, declared that its wholly-owned partner, Freeport-McMoRan Oil & Gas Inc. (FM O&G), filed a registration statement on Form S-1 (the Registration Statement) with the U.S. Securities and Exchange Commission (SEC) related to its potential initial public offering (IPO) of Class A common stock representing a minority interest in FM O&G. FM O&G intends to apply to list the common stock on the New York Stock Exchange under the ticker “FMOG.”
The Registration Statement regarding these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted preceding to the time the Registration Statement becomes effective.
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 Delta Air Lines, Inc. (NYSE:DAL), inclined 0.40% to $43.10, during its last trading session, after the airline was mentioned in an analyst note this morning picking the top four stocks in the airline industry.
Analysts at Morgan Stanley picked Delta as one of the industry’s top four stocks while initiating coverage with an “overweight” rating and $65 price target.
The price target represents a potential 50.3% upside from the stock’s current price.
Delta Air Lines, Inc. provides planned air transportation for passengers and cargo worldwide. The company operates in two segments, Airline and Refinery. Its route network comprises various gateway airports in Amsterdam, Detroit, Los Angeles, Minneapolis-St. Paul, New York-LaGuardia, New York-JFK, Paris-Charles de Gaulle, Salt Lake City, Seattle, and Tokyo-Narita.
Finally, Lennar Corp. (NYSE:LEN), ended its last trade with -1.01% loss, and closed at $49.
Lennar Corporation, stated results for its second quarter ended May 31, 2015. Second quarter net earnings attributable to Lennar in 2015 were $183.0 million, or $0.79 per diluted share, contrast to second quarter net earnings attributable to Lennar in 2014 of $137.7 million, or $0.61 per diluted share.
Stuart Miller, Chief Executive Officer of Lennar Corporation, said, “The homebuilding market continued its steady improvement throughout our second quarter. Driven by higher wages and employment, reasonable affordability levels, supply shortages and favorable monthly payment comparisons to rentals, the homebuilding market is well positioned for multi-year growth ahead.”
Mr. Miller continued, “Our core homebuilding business had gross and operating margins of 23.8% and 13.8% in the second quarter, respectively, which exceeded our formerly stated guidance. Our average sales price of homes delivered raised to $348,000, the highest in the Company’s history, from $326,000 in the first quarter of 2015 and $322,000 in the second quarter of 2014. Our new home deliveries and new order sales dollar value raised 21% and 28% in the second quarter, respectively, contrast to the same period last year. Our sales backlog dollar value raised 23% from the second quarter of last year to about $2.9 billion, keeping us well positioned going forward.
Lennar Corporation, together with its auxiliaries, engages in the homebuilding activities in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida, Homebuilding Houston, Financial Services, Rialto, and Lennar Multifamily segments.
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