On Monday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), lost -4.68% to $11.20, hitting its lowest level.
Freeport-McMoRan declared it has undertaken a comprehensive review of its operating plans in its mining and oil and gas businesses to target noteworthy additional reductions in capital spending and operating and administrative costs in response to weak market conditions for its major products. These plans will also incorporate potential adjustments to mine plans and future copper and molybdenum production volumes to reduce costs and preserve valuable resources for anticipated improved market conditions in the future. The company anticipates to complete this review promptly and will report its revised plans during the third quarter of 2015.
James R Moffett, FCX’s Chairman, Richard C. Adkerson, Vice Chairman and Chief Executive Officer and James C Flores, Vice Chairman and FM O&G Chief Executive Officer, said, “We are responding aggressively to current market conditions affecting our primary products and to the uncertain global economic outlook. These initiatives are focused on maximizing cash flow in a weak commodity environment and on strengthening the company’s financial position. We appreciate the efforts and dedication of our global organization who are supporting our plans to implement revised operating plans. We have a positive long-term view for our markets, the inherent values in our large asset base and are positioning our company for long-term success.”
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 Yahoo! Inc. (NASDAQ:YHOO), inclined 0.05% to $36.69, during its last trading session.
Yahoo and Polyvore, Inc. declared that they have reached a definitive agreement for Yahoo to acquire Polyvore, a leading social shopping site. The acquisition will enhance Yahoo’s consumer and advertiser offerings — Polyvore will strengthen Yahoo’s digital magazines and verticals through the incorporation of community and commerce, and together Yahoo and Polyvore will power native shopping ads that drive traffic and sales to retailers. Broadly, Polyvore will accelerate Yahoo’s Mavens growth strategy (mobile, video, native, social) through its strong offerings in social, native, and mobile.
On Polyvore, users put together sets of clothing, accessories, and lifestyle goods that express their love for style and shopping in a compelling, digital, social setting. In addition to natural integrations with Yahoo Style and Yahoo Beauty, Polyvore’s strong media experience, where community-powered content is curated and actionable for shoppers, will enhance the full portfolio of Yahoo’s digital magazines and verticals. When it comes to advertising, Polyvore’s technology will bring a proven native ad model, new compelling native ad formats, and strong advertising relationships with more than 350 retailers to Yahoo’s fast-growing native advertising platform, Yahoo Gemini.
Yahoo! Inc. provides search and display advertising services on Yahoo properties and associate sites worldwide. The company offers Yahoo Search that serves as a starting point to navigate the Internet and discover information; and Yahoo Answers, which enables users to seek, discover, and share knowledge and opinions across mobile phones, tablets, and desktops.
Finally, National Oilwell Varco, Inc. (NYSE:NOV), ended its last trade with -2.75% loss, and closed at $40.97.
Bank of America cut shares of National-Oilwell Varco (NYSE:NOV) from a buy rating to a neutral rating in a research note published on Friday morning, MarketBeat Ratings reports.
The brokerage presently has $49.00 target price on the oil and gas exploration company’s stock.
National Oilwell Varco, Inc. designs, manufactures, and sells equipment and components used in oil and gas drilling, completion, and production; and provides oilfield services to the upstream oil and gas industry worldwide.
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