On Thursday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), lost -1.76% to $10.07.
Freeport-McMoRan’s hit its 52-Week Low on Aug 12, 2015. One of the reasons for Freeport’s dismal stock market performance is the steep correction in copper prices, which are trading near multiyear lows.
Copper prices hit a fresh six-year low of $5,136 per metric ton on August 7. Copper prices are down ~20% year-to-date.
Freeport’s earnings are sensitive to copper prices. The company estimates its EBITDA (earnings before interest, taxes, depreciation, and amortization) fall by $500 million for every $0.10 per pound fall in copper prices.
Earnings of other copper producers, counting Turquoise Hill Resources (TRQ) and Southern Copper (SCCO), are also negatively influenced by falling copper prices.
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 Weatherford International plc (NYSE:WFT), declined -5.01% to $10.05, during its last trading session, as U.S. oil prices tumbled about 3 percent to a nearly 6-1/2-year low on Thursday as data showing a big rise in key U.S. stockpiles intensified worries over a growing global glut, according to CNBC.
U.S. crude settled down $1.07, or 2.5 percent, at $42.23 a barrel. It fell as low as $41.92 earlier, which was the lowest since March of 2009. Benchmark North Sea Brent crude oil was down 60 cents at $49.60 a barrel, ahead of Friday’s expiry of its front-month contract. CNBC Reports
Weatherford International plc provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide.
Finally, Windstream Holdings, Inc. (NASDAQ:WIN), ended its last trade with 6.90% gain, and closed at $6.51.
Windstream Holdings and Infinera (INFN), provider of Intelligent Transport Networks, have been deploying the Infinera DTN-X platform as a part of Windstream’s network expansion strategy.
With the deployment of the Infinera Intelligent Transport Network(TM), Windstream has achieved the following milestones in its network expansion plans this year:
- 12 new 100G markets counting: Buffalo, Denver, Houston, San Antonio, Oklahoma City, and Tulsa
- 3,900 additional fiber route miles featuring Infinera’s 500G super-channel technology
- 20 Day Express Install guarantee for customers leveraging the Long-Haul Core Network
Windstream Holdings, Inc. provides communications and technology solutions in the United States. It offers managed services and cloud computing services to businesses, in addition to broadband, voice, and video services to consumers primarily in rural markets.
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