Monday, July 19, 2010

Freeport (NYSE:FCX) Earnings Probably Lower Than Last Year

Freeport-McMoRan Copper & Gold's earnings (NYSE:FCX) for the quarter are expected to underperform last year during the same quarter, as the majority of analysts and traders are looking for about $1.31 a share from the metals giant.

Last year during the same quarter, the company generated $1.38 a share in earnings, something that most don't believe they'll be able to meet, let alone surpass.

If Freeport underperforms and is less than $1.31 a share, it'll probably take a pretty big hit, as it's been underperforming over the last week, dropping by over 8 percent during that time.

What is more interesting to me will be the guidance the company gives, as some expect copper prices demand and prices to rise, and it'll be important to see if Freeport confirms that as being a real possibility or not.

The quarterly report from Freeport will be released before the market opens on July 21st.

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