Freeport-McMoRan Inc. (FCX) Boosts Basic Materials Sector with Early Advance of 3.75% on January 24

Freeport-McMoRan Inc. (FCX" target="_new">FCX) is one of the best performing stocks in the basic materials sector for companies listed on the New York Stock Exchange or NASDAQ exchange shortly after the opening bell on January 24. Shares of FCX" target="_new">FCX have climbed 3.75% about 30 minutes into the session to $16.31 after closing the day prior at $15.72. It’s early, but the stock has traded as high as $16.35 and as low as $16.11 so far. Today's quick advance has come with about 2.3 million shares changing hands, compared to an average 30-day volume of 25.95 million for Freeport-McMoRan Inc.. The price is currently below the 30-day volume weighted average price of $16.24 for FCX" target="_new">FCX.

The share appreciation gives the company a market capitalization of $22.64 billion based upon 1.44 billion shares outstanding. It also means that FCX has a price-to-book ratio of 4.83:1 and a price-to-earnings ratio of :1.

In the past 52 weeks, shares of FCX" target="_new">FCX have traded as low as $3.81 and as high as $16.42. Technical traders will take note that at $16.31, shares of FCX" target="_new">FCX are trading above their 200-day MA at $12.04 and above their 50-day MA at $14.63. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.

Who is FCX?

Freeport-McMoRan Inc is a U.S. natural resources company with portfolio of mineral assets and oil and natural gas resources. Its segments are North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines. The company’s 34500 employees are led by CEO Richard C. Adkerson from the corporate headquarters at 333 North Central Avenue.

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