Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.

FCX looks like a high-quality but no longer cheap producer of copper and metals: operating profit and margins are strong, but the market has already priced in a significant portion of the improvements. On valuation multiples, the picture is rather stretched: P/E, P/S, P/B, and especially P/FCF are materially above the industry median, which usually limits the potential for further rerating. At the same time, the trend in the multiples does not provide a convincing signal of becoming cheaper: P/E and P/B have fluctuated in recent periods, while P/FCF remains very high, meaning free cash flow is still being valued expensively. The company’s strength lies in the steady growth of revenue, profit, EBITDA, and operating income compared with earlier periods, which confirms the improvement in business quality. Net margin and operating margin are above industry benchmarks, supporting the view that it is a more efficient player in the materials sector. On the other hand, ROE, ROA, and ROI are below the industry median, so the strong absolute profitability does not fully translate into exceptional capital returns. The balance sheet looks fairly solid: debt/equity is low, the current ratio is comfortable, and equity is growing, which reduces financial risk. However, the quick ratio is only around 1, and cash on hand has declined over the year, so liquidity cannot be called excessive. Long-term debt has remained almost unchanged, meaning the company is not increasing leverage, but it is also not showing a meaningful improvement in its capital structure. Dividend yield is low and has declined versus previous periods, so the dividend factor currently does not provide much support to the valuation. Overall, the fundamentals point to a strong operating profile, but the high relative valuation multiples and moderate return on capital limit the upside. For an investor, this is more of a story of a quality business that is already priced by the market, where only a small conservative downward adjustment to the forecast would be appropriate.

Freeport-McMoRan, Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Слабый индекс, значительно вырос. Рынок не поддерживает быков.

Weak index, significantly up. The market does not support the bulls.

Слабый индекс, незначительно вырос. Приток средств в лонги остается на невысоком уровне.

Weak index, slightly up. The inflow of funds into longs remains at a low level.

FCX demonstrates strong margins and profit growth, but trades at a premium on P/E, P/S, and P/FCF, while dividend support remains weak.

Key Points
USA Rare Earth offers higher upside but comes with significant execution and funding risks.
Freeport-McMoRan's mature operations and expansion plans make it a safer investment choice.
USA Rare Earth (NASDAQ: USAR) is a fine and worthy investment option for investors seeking a high-risk, high-reward play on the solution to securing a domestic supply of rare-earth materials. However, on a risk/reward basis, I think copper miner Freeport-McMoRan (NYSE: FCX) is a better investment right now. Here's why.
USA Rare Earth has more upside potential
To be clear, this isn't an argument about preferring a lower-risk, lower-reward option. Instead, it's based on the idea that Freeport-McMoran offers a better expected return than USA Rare Earth, given the potential upside and downside of the stocks.
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The investment case for the rare-earth company is based on its vertically integrated "mine-to-magnet" business model. However, it's somewhat unusual in that it's almost a back-to-front process, whereby the company will develop and ramp up metals and magnet production at its Stillwater, Oklahoma, manufacturing plant before commercial extraction from the Round Top, Texas, deposit begins in 2028.
Management has laid out its financial objectives, and we can compare them with what Wall Street analysts expect for Freeport-McMoRan to make a direct comparison. For reference, all the numbers in the following table are sourced from Visible Alpha consensus of Wall Street analysts. Note that the USA Rare Earth estimates are more optimistic than management's 2030 targets of $2.6 billion in revenue, $1.2 billion in earnings before interest, taxation, depreciation, and amortization (EBITDA), and $900 million in free cash flow (FCF).
Company Metric
USA Rare Earth Financial Target by 2030
Freeport-McMoran Wall Street Analyst Consensus for 2030
Revenue
$3.2 billion
$36.7 billion
EBITDA
$1.48 billion
$19.2 billion
FCF
$1.1 billion
$11.1 billion
Enterprise value/EBITDA ratio for 2030
1.2
5.59
Market cap/FCF ratio for 2030
5.1
8.1
For argument's sake, assume 15 times FCF is a fair value for a cyclical miner. This assumption gives a target price of $67.50 for USA Rare Earth, representing an annual return of about 48%, compared with about $14.6% for Freeport-McMoran to get to $115 in 2030 from $62.60 now.
Based on the estimates in the table, USA Rare Earth has significantly more upside potential than Freeport-McMoRan. Still, that's not the full picture, because you also have to consider the risks involved in reaching those numbers.
USA Rare Earth risk considerations
USA Rare Earth has a significantly more risky path. Not only does the company need to sustain losses and cash outflows before it turns profitable, but it also has to achieve commercial-scale production at Stillwater, manage potential delays in the supply of rare-earth feedstock, and execute on the development of a technologically complex, relatively low-grade mining project at Round Top. There may also be permitting issues.
Any failures along the way could require additional funding, diluting existing shareholders.
Freeport-McMoran
In contrast, Freeport-McMoRan's path to reaching the 2030 numbers and growing beyond it looks much less risky. It's a mature copper miner set to increase copper production from 3.1 billion pounds in 2026, a relatively low level because of a mining accident in Indonesia, to 4.1 billion pounds in 2028. Moreover, it has a low-cost leaching initiative, extracting copper from existing stockpiles, that management believes can lead to 800 million pounds of copper production by 2030.
On top of that, Freeport-McMoRan can address the ever-more-important question of expanding copper production in an era when it's becoming increasingly difficult to obtain greenfield planning permissions.
The good news is that the company has brownfield expansion plans in progress to double production at its Bagdad, Arizona, site and add 200 million to 250 million pounds of annual copper production. It also submitted permit applications for a new mill at a site in Chile, which could add 700 million pounds of copper per annum in the early 2030s. In addition, it has expansion projects in place in Indonesia and is in the study phase for an expansion at a site in Lone Star, Arizona.
Freeport-McMoRan is the better buy
While both companies have to deal with the vagaries of the impact of the underlying price of the copper (Freeport-McMoRan) and rare-earth magnets (USA Rare Earth) on their revenue, Freeport-McMoRan's easier pathway and richer valuation more than offset the myriad political, execution, market, and dilutive risks around USA Rare Earth for most investors. Ultimately, it's a subjective choice, but I think the copper miner is the better option.
Should you buy stock in Freeport-McMoRan right now?
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Better Mining Stock to Buy Before 2026 Ends: USA Rare Earth vs. Freeport-McMoRan

The NASDAQ 100 Pre-Market Indicator is down -5.1 to 27,758.03. The total Pre-Market volume is currently 133,032,151 shares traded.
The following are the most active stocks for the pre-market session:
Direxion Daily MU Bull 2X ETF (MUU) is -0.1726 at $24.38, with 11,494,480 shares traded. This represents a 2,814.21% increase from its 52 Week Low.
SoFi Technologies, Inc. (SOFI) is -0.93 at $15.81, with 8,633,649 shares traded. Smarter Analyst Reports: SoFi Concludes Acquisition of Technisys
GraniteShares 2x Long SK Hynix Daily ETF (SKUU) is -0.48 at $15.45, with 8,464,884 shares traded., following a 52-week high recorded in prior regular session.
GraniteShares 2x Short SK Hynix Daily ETF (SKDD) is +0.58 at $20.80, with 7,717,331 shares traded. This represents a 85.38% increase from its 52 Week Low.
SK hynix Inc. (SKHY) is -1.81 at $128.36, with 7,333,874 shares traded., following a 52-week high recorded in prior regular session.
ProShares UltraPro QQQ (TQQQ) is -0.2 at $61.36, with 5,349,226 shares traded. This represents a 64.42% increase from its 52 Week Low.
Nokia Corporation (NOK) is -0.11 at $8.82, with 2,454,149 shares traded. As reported by Zacks, the current mean recommendation for NOK is in the "buy range".
Bloom Energy Corporation (BE) is +14.67 at $181.51, with 2,287,092 shares traded. BE's current last sale is 63.69% of the target price of $285.
Freeport-McMoran, Inc. (FCX) is -0.28 at $61.36, with 1,204,964 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2026. The consensus EPS forecast is $0.73. As reported by Zacks, the current mean recommendation for FCX is in the "buy range".
IonQ, Inc. (IONQ) is -0.11 at $33.77, with 1,125,664 shares traded.IONQ is scheduled to provide an earnings report on 8/5/2026, for the fiscal quarter ending Jun2026. The consensus earnings per share forecast is -0.59 per share, which represents a -70 percent increase over the EPS one Year Ago
Boston Scientific Corporation (BSX) is -3.66 at $42.40, with 1,118,210 shares traded. Smarter Analyst Reports: What Do Boston Scientific’s Risk Factors Tell Investors?
Ford Motor Company (F) is +0.68 at $15.64, with 931,881 shares traded. F's current last sale is 111.71% of the target price of $14.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Most Active for Jul 29, 2026 : MUU, SOFI, SKUU, SKDD, SKHY, TQQQ, NOK, BE, FCX, IONQ, BSX, F

Investors in Freeport-McMoRan Inc. FCX need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $23 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?
Clearly, options traders are pricing in a big move for Freeport-McMoRan shares, but what is the fundamental picture for the company? Currently, Freeport-McMoRan is a Zacks Rank #3 (Hold) in the Mining - Non Ferrous industry that ranks in the Bottom 34% of our Zacks Industry Rank. Over the last 60 days, four analysts have increased their earnings estimates for the current quarter, while one has dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 70 cents per share to 73 centsin that period.
Given the way analysts feel about Freeport-McMoRan right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Implied Volatility Surging for Freeport-McMoRan Stock Options

Southern Copper Corporation (SCCO) reported second-quarter earnings per share (EPS) of $2.01, surpassing the Zacks Consensus Estimate of $1.97. The bottom line came in 71.8% higher than the year-ago quarter’s earnings of $1.17 per share, aided by stronger metal prices and improved operating profitability.
Southern Copper Posts Record Revenues & Profitability
Revenues surged 40.6% year over year to a quarterly record of $4.29 billion but missed the consensus estimate of $4.37 billion by 1.88%. Higher prices for copper, molybdenum, zinc and silver were offset by lower sales volumes for copper and its main products.
Cost of sales increased 14.7% year over year to $1.39 billion. Total operating costs and expenses rose 13.8% to $1.67 billion, reflecting higher spending on operating materials, purchased copper, diesel and fuel, and workers’ participation.
Southern Copper Corporation Price, Consensus and EPS Surprise
Operating cash cost after incorporating by-product revenue credits was five cents per pound in the quarter compared with 63 cents in the prior-year quarter, owing to an increase in by-product revenue credits.
Operating income jumped 65.3% to $2.62 billion. Adjusted EBITDA reached a record $2.86 billion, up 59.5% from the prior-year quarter. The adjusted EBITDA margin expanded 790 basis points to 66.6%, reflecting stronger realized prices and disciplined cost management.
Net income attributable to SCCO also reached a record $1.67 billion, rising 71.6% year over year. The net income margin improved to 38.9% from 31.9% in the year-ago period.
SCCO’s Q2 Production Falls on Lower Peruvian Grades
Southern Copper mined 230,662 tons of copper in the reported quarter, down 3.5% year over year. Total copper production decreased 3.6% year
over year to 232,521 tons, including third-party concentrate. A 12% decline at the Peruvian operations more than offset a 3.2% increase in Mexico. Copper sales declined 1.5% to 220,712 tons.
The company mined 7,046 tons of molybdenum in the reported quarter, reflecting a year-over-year decline of 11%. Sales were 6,821 tons in the quarter under review, down 13% from the second quarter of 2025.
Zinc production declined 14.5% year over year to 39,257 tons in the quarter under review on lower production at the Buenavista zinc concentrator. Zinc sales decreased 8.8% year over year to 40,570 tons in the quarter.
Southern Copper's silver production was down 3.8% year over year to 5.76 million ounces, and sales were down 8.7% year over year to 5.516 million ounces.
SCCO Strengthens Cash Flow and Liquidity
Net cash provided by operating activities totaled $1.99 billion in the quarter, more than double the prior-year figure. For the first six months of 2026, operating cash flow increased 116.9% to $3.68 billion, supported by stronger earnings and lower operating working-capital requirements.
Cash and cash equivalents stood at $5.67 billion as of June 30, 2026, while short-term investments totaled $1.66 billion. Long-term debt was $7.99 billion following the issuance of $1.25 billion of 10-year senior unsecured notes carrying a 5.35% interest rate. The proceeds are intended primarily to support the Tía María project and other capital needs of the company’s Peruvian operations.
Southern Copper’s Guidance for 2026
For 2026, Southern Copper expects copper production to reach 917,000 tons, which is 1% above its previous target but implies a 5% year-over-year decline.
Molybdenum production is now projected at 27,900 tons, a 7% increase from its previous target, indicating a 10% decline from the 2025 level. Silver output is projected at 24 million ounces, a decrease of 1% compared with 2025. Zinc production for the year is projected at 163,900 tons, 7% lower than the 2025 level.
SCCO Stock’s Price Performance
The company’s shares have gained 84.6% in the past year compared with the industry’s 51.2% growth.
Image Source: Zacks Investment Research
SCCO’s Peer Performances
Freeport-McMoRan Inc. FCX reported adjusted EPS of 74 cents in the second quarter, up around 37% year over year from 54 cents. The figure topped the Zacks Consensus Estimate of 62 cents. Revenues declined around 7.3% year over year to approximately $7.03 billion. The figure surpassed the Zacks Consensus Estimate of $6.47 billion. Higher realized metal prices were offset by lower copper and gold volumes.
Copper production fell around 18.4% year over year to 786 million pounds in the reported quarter. Consolidated copper sales declined approximately 30.1% year over year to 710 million pounds. The fall primarily resulted from lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine. The company sold 123,000 ounces of gold in the quarter, down 76.4% year over year. Freeport also sold 25 million pounds of molybdenum, up 13.6% from the prior-year quarter.
Teck Resources Limited TECK reported second-quarter 2026 adjusted EPS of CAD $1.93 or $1.39, beating the Zacks Consensus Estimate of 78 cents. It marked a substantial improvement of 415% from the earnings of 27 cents per share in the year-ago quarter. This was attributed to higher base metal prices and increased sales volume of copper and zinc. Including one-time items, the company reported EPS of $1.26 in the quarter compared with the year-ago quarter’s 30 cents.
Net sales amounted to $2.6 billion, surpassing the Zacks Consensus Estimate of $2.3 billion. The figure reflects a 78% year-over-year improvement, aided by higher copper and zinc prices and sales.
SCCO’s Zacks Rank & Another Stock to Consider
Southern Copper currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another top-ranked stock from the basic materials space is Bunge Global SA BG, which sports a Zacks Rank of 1 at present.
Bunge has an average trailing four-quarter earnings surprise of 27.5%. The Zacks Consensus Estimate for the company’s fiscal 2026 earnings is pegged at $9.74 per share, implying 28.7% year-over-year growth. Bunge shares have gained 59% in a year.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SCCO Q2 Earnings Beat on Strong Metal Prices Despite Low Volumes

Teck Resources Limited TECK reported second-quarter 2026 adjusted earnings per share (EPS) of $1.39, beating the Zacks Consensus Estimate of 78 cents. It marked a substantial improvement of 415% from the earnings of 27 cents per share in the year-ago quarter. This was attributed to higher base metal prices and increased sales volume of copper and zinc.
Including one-time items, the company reported EPS of $1.26 in the quarter compared with the year-ago quarter’s 30 cents.
Teck Resources Ltd Price, Consensus and EPS Surprise
TECK Posts Y/Y Sales Growth & Solid Margin Expansion in Q2
Net sales amounted to $2.6 billion, surpassing the Zacks Consensus Estimate of $2.3 billion. The figure reflects a 78% year-over-year improvement, aided by higher copper and zinc prices and sales.
The gross profit was CAD$1.67 billion ($1.21 billion), skyrocketing 255% from the year-ago quarter. The gross margin was 46.3% compared with the year-ago quarter’s 23.3%.
The adjusted EBITDA was around CAD$2.2 billion ($1.59 billion), which soared 204% from the year-earlier period. The EBITDA margin was 60.8% in the quarter under review compared with the year-ago quarter’s 35.7%.
Teck Resources’ Copper Business Drives Revenues and Profits
The Copper segment’s revenues surged 85.8% year over year to C$2.7 billion ($1.95 billion). The increase reflected significantly higher copper prices and stronger sales volumes across the company’s operations. The realized copper price rose to $6.09 per pound from $4.36 in the prior-year quarter.
Total copper production was around 135,900 tons, 25% higher than the first quarter of 2025, attributed to improved performance across all operations. Copper sales increased 33.7% to 135,700 tons.
Highland Valley Copper production increased 32% year over year to 42,800 tons, supported by higher throughput, grades and recoveries. Antamina’s copper production, on a 100% basis, climbed 67% to 108,500 tons. Carmen de Andacollo produced 12,800 tons, up from 9,400 tons on better grades and recoveries.
Quebrada Blanca produced 55,800 tons of copper, up 6% from a year earlier. Stable asset utilization, consistent plant performance and progress on tailings management supported the operation.
The segment’s gross profit skyrocketed 309% year over year to CAD$1.34 billion ($972 million), attributed to higher copper prices and sales volume.
Copper net cash unit costs decreased to $1.64 per pound from $2.02 per pound a year earlier, helped by higher production and stronger silver and molybdenum by-product credits.
TECK’s Zinc Segment Gains on Higher Sales Volumes & Prices
The Zinc segment’s net sales jumped 59% year over year to CAD$903 million ($654 million) on improved zinc prices and higher zinc concentrate sales volumes. The realized zinc price rose 32% to $1.57 per pound compared with the prior-year quarter.
Red Dog produced 112,000 tons of zinc, down 18% year over year owing to lower grades as anticipated in the mine plan. However, zinc sales volumes at Red Dog rose 4% to 36,500 tons, and came within TECK’s guidance of 30,000-40,000 tons.
Trail Operations’ refined zinc production dipped 2% to 49,800 tons, reflecting planned maintenance. Refined zinc sales were up 5.7% to around 37,000 tons.
Segment gross profit rose 130% year over year to C$329 million ($238 million), reflecting higher zinc prices and increased by-product revenues at Red Dog and Trail. However, these gains were partially offset by higher cost of sales due to increased concentrate purchases and royalty costs.
Net cash unit costs were 35 cents per pound in the second quarter compared with 49 last year due to higher by-product credits driven by increased silver and germanium prices. Second-quarter 2026 net cash unit costs also reflect the normal seasonality of sales at Red Dog.
TECK’s Cash Flow & Balance Sheet
Cash flow from operating activities improved to around C$1.72 billion ($1.24 billion) from C$88 million ($64 million). Teck Resources ended the quarter with C$6.05 billion ($4.38 billion) in cash and cash equivalents and liquidity of C$10.3 billion ($7.5 billion). Its net cash position strengthened to C$1.244 billion ($0.9 million) from C$150 million ($109 million) at the end of 2025.
Teck Resources’ Guidance for 2026
Management retained its previously disclosed 2026 guidance. Copper production remains projected between 455,000 and 530,000 tons. Zinc production is expected in the range of 410,000-460,000 tons, while refined zinc output is forecast between 190,000 and 230,000 tons.
Copper net cash unit costs are expected between $1.85 and $2.20 per pound. Zinc net cash unit costs are projected at 65-75 cents per pound. Teck Resources expects third-quarter Red Dog zinc concentrate sales of 220,000-270,000 tons, reflecting the operation’s normal shipping seasonality.
Teck Resources Advances Key Growth Initiatives
The Highland Valley Copper Mine Life Extension project continued to progress, with detailed engineering about 95% complete. Total project capital costs remain estimated at C$2.1-C$2.4 billion, while 2026 spending is expected between C$900 million and C$1.2 billion.
Teck Resources also continued advancing Zafranal and San Nicolás toward potential sanction decisions. Meanwhile, the proposed merger with Anglo American remains subject to customary closing conditions and regulatory approvals. The transaction is expected to create Anglo Teck and deliver approximately $800 million in annual pre-tax synergies.
TECK Stock’s Price Performance
The company’s shares have gained 81.4% in the past year compared with the industry’s 30.9% growth.
Image Source: Zacks Investment Research
Teck Resources’ Peer Performances
Freeport-McMoRan Inc. FCX reported adjusted EPS of 74 cents in the second quarter, up around 37% year over year from 54 cents. The figure topped the Zacks Consensus Estimate of 62 cents. Revenues declined around 7.3% year over year to approximately $7.03 billion. The figure surpassed the Zacks Consensus Estimate of $6.47 billion. Higher realized metal prices were offset by lower copper and gold volumes.
Copper production fell around 18.4% year over year to 786 million pounds in the reported quarter. Consolidated copper sales declined approximately 30.1% year over year to 710 million pounds. The fall primarily resulted from lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine. The company sold 123,000 ounces of gold in the quarter, down 76.4% year over year. Freeport also sold 25 million pounds of molybdenum, up 13.6% from the prior-year quarter.
Southern Copper Corporation SCCO reported second-quarter EPS of $2.01, surpassing the Zacks Consensus Estimate of $1.97. The bottom line came in 65% higher than the year-ago quarter’s earnings of $1.22 per share.
Southern Copper’s net sales in the quarter were $4.29 billion, marking a 40.6% increase from the year-ago quarter but missing the Zacks Consensus Estimate of $4.37 billion. Higher prices for copper, molybdenum, zinc and silver were offset by lower sales volumes for copper.
Southern Copper mined 230,662 tons of copper in the reported quarter, 3.5% lower year over year. Copper sales declined 1.5% year over year to 220,712 tons.
TECK’s Zacks Rank & Another Stock to Consider
Teck Resources currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another top-ranked stock from the basic materials space is Bunge Global SA BG, which sports a Zacks Rank of 1 at present. Bunge has an average trailing four-quarter earnings surprise of 27.5%. The Zacks Consensus Estimate for the company’s fiscal 2026 earnings is pegged at $9.74 per share, implying 28.7% year-over-year growth. Bunge shares have gained 59% in a year.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Teck Resources Q2 Earnings Beat Estimates, Sales & Margins Improve Y/Y

Freeport-McMoRan Inc. FCX used its second-quarter 2026earnings callto emphasize steady progress at Grasberg, improving U.S. operating performance and a widening pipeline of brownfield copper projects.
The quarter also showed how favorable metals pricing and better-than-expected execution can offset lower year-over-year production while the company rebuilds Indonesian output.
FCX Keeps Grasberg Ramp on Schedule
President and chief executive officer Kathleen Quirk said the Grasberg Block Cave ramp remained aligned with the company’s April plan. Production rates doubled during the quarter, rising from an April average of 34,000 metric tons per day to 69,000 in June.
Quirk said overall Grasberg district rates should approximate 65% of full capacity in the second half of 2026, reach 80% by mid-2027 and approach full capacity by year-end 2027.
Mark Johnson, president and chief operating officer of Freeport-McMoRan Indonesia, added that material-handling upgrades and drainage work are progressing, while preparations continue for a 2027 restart of Production Block 1 South.
Freeport Builds a Larger U.S. Copper Base
Quirk said Morenci’s second-quarter mining rate was 30% above its five-year average, supported by better equipment reliability, maintenance execution and workforce stability.
Senior vice president Cory Stevens said higher-capacity haul trucks, centralized operating support and additional technology should help sustain those gains. Management expects stronger mining rates to translate into higher copper production over time.
The leach program remains another central growth lever. Freeport is targeting a 300-million-pound annual run rate by year-end 2026 and continues to frame 800 million pounds annually as the longer-term opportunity.
FCX Weighs Higher Bagdad Capital Costs
Quirk said preliminary capital for the Bagdad expansion is now around $4.5 billion, roughly 30% above the 2023 estimate, reflecting labor and commodity inflation, scope changes and added engineering.
Despite the increase, management said the project remains supported at an incentive copper price of about $4 per pound. The expansion would add 200 million to 250 million pounds of annual copper production and could be completed in three to four years.
During the Q&A, a BofA Securities analyst pressed management on the economics. Quirk said automation, operating-model changes and throughput optimization are helping offset the higher capital requirement, with a board decision still targeted for the second half of 2026.
Freeport Maintains Volume and Cost Outlook
Executive vice president and chief financial officer Maree Robertson said 2026 sales expectations remain broadly consistent with April estimates. Second-half copper sales are projected to exceed first-half levels by more than 20%, while gold sales are expected to rise more than 65%.
The company expects 2026 unit net cash costs of about $1.9 per pound, slightly better than the prior $1.95 estimate, as stronger by-product credits offset higher energy and input costs.
FCX reported adjusted earnings of $0.74 per share versus the Zacks Consensus Estimate of $0.62. Revenues of $7.03 billion also exceeded the $6.47 billion consensus.
Freeport-McMoRan Inc. Price, Consensus and EPS Surprise
FCX Q&A Sharpens Key Execution Risks
A Goldman Sachs analyst asked whether Grasberg’s strong June exit rate created upside to second-half guidance. Quirk said planned maintenance and chute-gallery upgrades should keep output near the existing range rather than produce a near-term step-up.
A Barclays analyst questioned the shift of copper sales from the third quarter into the fourth. Quirk said production plans were largely unchanged, but inventory-building and refined-copper timing at the new Indonesian smelter altered the sales schedule.
A UBS analyst also challenged the prior goal of reducing U.S. costs to $2.5 per pound in 2027. Quirk said the target remains valid, but current energy, sulfur and acid markets make it unattainable in 2027.
Freeport’s Near-Term Focus
Management’s tone remained confident on execution but disciplined on timing. Grasberg restoration, leach scaling and U.S. operating improvements are the immediate priorities.
At the same time, Freeport is advancing Bagdad, El Abra and Safford/Lone Star without committing to overlapping large-project schedules before studies, permits and capital reviews are complete.
Zacks Signals Point to a Mixed Setup
FCX currently carries a Zacks Rank #3 (Hold). Its Growth Score of B, Momentum Score of A and VGM Score of A indicate favorable growth and trading characteristics, while the Value Score of C is more neutral.
The Style Scores are most powerful when paired with a Zacks Rank #1 (Strong Buy) or Zacks Rank 2 (Buy). The current Hold rating supports a balanced stance, and it can change as analysts revise estimates following the reported results.
You can see the complete list of today’s Zacks #1 Rank stocks here.
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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

FCX Q2 Earnings Call Highlights Grasberg Ramp and U.S. Growth

Freeport-McMoRan Inc. FCX recorded net income of $984 million or 68 cents per share for the second quarter of 2026, up from $772 million or 53 cents per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 74 cents, up around 37% year over year from 54 cents. The figure topped the Zacks Consensus Estimate of 62 cents.
Revenues declined around 7.3% year over year to approximately $7.03 billion. The figure surpassed the Zacks Consensus Estimate of $6.47 billion. Lower copper and gold volumes were partly offset by significantly higher realized metal prices.
Freeport-McMoRan Inc. Price, Consensus and EPS Surprise
FCX’s Operational Highlights
Copper production fell around 18.4% year over year to 786 million pounds in the reported quarter.
Consolidated copper sales declined approximately 30.1% year over year to 710 million pounds. The fall primarily resulted from lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine.
The company sold 123,000 ounces of gold in the quarter, down 76.4% year over year. Freeport also sold 25 million pounds of molybdenum, up 13.6% from the prior-year quarter.
Consolidated average unit net cash costs per pound of copper were $1.97, up around 74.3% from $1.13 a year ago. The figure missed our estimate of $2.12 per pound.
The average realized copper price was $6.17 per pound, up around 35.9% year over year. The figure exceeded our estimate of $6.05 per pound. The average realized gold price rose around 37.3% year over year to $4,520 per ounce. The figure marginally lagged our estimate of $4,536.26. The average realized molybdenum price was $28.75 per pound, up around 36.3% year over year. It surpassed our estimate of $27.73.
Freeport’s Financial Position
Cash and cash equivalents at the end of the quarter were $4.1 billion, down around 9.1% year over year. Total debt was roughly $9.4 billion, up modestly from $9.25 billion at the end of the year-ago quarter.
Cash flows provided by operating activities were $2 billion in the reported quarter, down around 6.7% year over year. Capital expenditures totaled $1.1 billion compared with $1.26 billion in the prior-year quarter.
FCX’s Guidance
For full-year 2026, consolidated sales volumes are expected to 3.1 billion pounds of copper, 650,000 ounces of gold and 93 million pounds of molybdenum.
This includes projected third-quarter sales of 750 million pounds of copper, 160,000 ounces of gold and 22 million pounds of molybdenum.
Consolidated average unit net cash costs are expected to average $1.90 per pound of copper for 2026, including $2 per pound in the third quarter. Freeport also projects full-year operating cash flows of $8.3 billion and capital expenditures of around $4.3 billion.
FCX’s Price Performance
Shares of Freeport have gained 45.8% over the past year compared with a 58.2% rise in its industry.
Image Source: Zacks Investment Research
FCX’s Zacks Rank & Key Picks
FCX currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are CSW Industrials, Inc. CSW, Carpenter Technology Corporation CRS and Ternium S.A. TX.
CSW Industrials is expected to report second-quarter results on July 30. The Zacks Consensus Estimate for CSW’s second-quarter earnings is pegged at $3.66 per share. It carries a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CRS is slated to report second-quarter results on July 30. The Zacks Consensus Estimate for earnings is pegged at $3.03 per share. CRS has a Zacks Rank #1 at present.
Ternium is scheduled to report second-quarter results on Aug. 4. The Zacks Consensus Estimate for TX’s second-quarter earnings is pegged at $1.06 per share. It currently carries a Zacks Rank #1.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

FCX's Q2 Earnings and Revenues Top Estimates on Higher Metal Prices

(RTTNews) - Freeport-McMoRan Inc. (FCX) reported a profit for its second quarter that Increases, from the same period last year
The company's earnings totaled $984 million, or $0.68 per share. This compares with $772 million, or $0.53 per share, last year.
Excluding items, Freeport-McMoRan Inc. reported adjusted earnings of $1.080 billion or $0.74 per share for the period.
The company's revenue for the period fell 7.3% to $7.029 billion from $7.582 billion last year.
Freeport-McMoRan Inc. earnings at a glance (GAAP) :
-Earnings: $984 Mln. vs. $772 Mln. last year. -EPS: $0.68 vs. $0.53 last year. -Revenue: $7.029 Bln vs. $7.582 Bln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Freeport-McMoRan Inc. Reveals Advance In Q2 Profit

The following companies are expected to report earnings prior to market open on 07/23/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
RTX Corporation (RTX)is reporting for the quarter ending June 30, 2026. The aerospace and defense company's consensus earnings per share forecast from the 5 analysts that follow the stock is $1.66. This value represents a 6.41% increase compared to the same quarter last year. In the past year RTX has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 17.11%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for RTX is 27.99 vs. an industry ratio of -0.70, implying that they will have a higher earnings growth than their competitors in the same industry.
T-Mobile US, Inc. (TMUS)is reporting for the quarter ending June 30, 2026. The wireless (national) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $2.52. This value represents a 11.27% decrease compared to the same quarter last year. In the past year TMUS has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 31.07%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TMUS is 18.12 vs. an industry ratio of -7.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Thermo Fisher Scientific Inc (TMO)is reporting for the quarter ending June 30, 2026. The medical instruments company's consensus earnings per share forecast from the 8 analysts that follow the stock is $5.71. This value represents a 6.53% increase compared to the same quarter last year. In the past year TMO has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 4.62%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TMO is 21.07 vs. an industry ratio of 0.60, implying that they will have a higher earnings growth than their competitors in the same industry.
TotalEnergies SE (TTE)is reporting for the quarter ending June 30, 2026. The oil refining company's consensus earnings per share forecast from the 2 analysts that follow the stock is $3.07. This value represents a 95.54% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TTE is 8.02 vs. an industry ratio of 2.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Union Pacific Corporation (UNP)is reporting for the quarter ending June 30, 2026. The transportation (rail) company's consensus earnings per share forecast from the 6 analysts that follow the stock is $3.20. This value represents a 5.61% increase compared to the same quarter last year. UNP missed the consensus earnings per share in the 4th calendar quarter of 2025 by -1.38%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for UNP is 23.23 vs. an industry ratio of 17.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Lockheed Martin Corporation (LMT)is reporting for the quarter ending June 30, 2026. The aerospace and defense company's consensus earnings per share forecast from the 6 analysts that follow the stock is $7.22. This value represents a 0.96% decrease compared to the same quarter last year. LMT missed the consensus earnings per share in the 1st calendar quarter of 2026 by -3.45%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for LMT is 16.95 vs. an industry ratio of -0.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Blackstone Inc. (BX)is reporting for the quarter ending June 30, 2026. The financial services company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.32. This value represents a 9.09% increase compared to the same quarter last year. In the past year BX has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 0.74%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BX is 21.22 vs. an industry ratio of 9.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Freeport-McMoran, Inc. (FCX)is reporting for the quarter ending June 30, 2026. The mining company's consensus earnings per share forecast from the 7 analysts that follow the stock is $0.60. This value represents a 11.11% increase compared to the same quarter last year. In the past year FCX has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 21.28%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for FCX is 23.34 vs. an industry ratio of 30.50.
Comcast Corporation (CMCSA)is reporting for the quarter ending June 30, 2026. The cable tv company's consensus earnings per share forecast from the 8 analysts that follow the stock is $0.97. This value represents a 22.40% decrease compared to the same quarter last year. In the past year CMCSA has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 8.22%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CMCSA is 6.84 vs. an industry ratio of 5.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Norfolk Southern Corporation (NSC)is reporting for the quarter ending June 30, 2026. The transportation (rail) company's consensus earnings per share forecast from the 5 analysts that follow the stock is $3.23. This value represents a 1.82% decrease compared to the same quarter last year. In the past year NSC has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 5.58%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for NSC is 27.07 vs. an industry ratio of 17.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Honeywell International Inc. (HON)is reporting for the quarter ending June 30, 2026. The diversified operations company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.80. This value represents a 67.27% decrease compared to the same quarter last year. In the past year HON has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 6.06%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for HON is 28.03 vs. an industry ratio of 11.40, implying that they will have a higher earnings growth than their competitors in the same industry.
argenx SE (ARGX)is reporting for the quarter ending June 30, 2026. The biomedical (gene) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $6.13. This value represents a 63.90% increase compared to the same quarter last year. In the past year ARGX has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 6.98%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ARGX is 33.22 vs. an industry ratio of -13.30, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for July 23, 2026 : RTX, TMUS, TMO, TTE, UNP, LMT, BX, FCX, CMCSA, NSC, HON, ARGX

Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Freeport-McMoran Copper & Gold (Symbol: FCX), where a total of 79,361 contracts have traded so far, representing approximately 7.9 million underlying shares. That amounts to about 50.5% of FCX's average daily trading volume over the past month of 15.7 million shares. Especially high volume was seen for the $71 strike call option expiring July 31, 2026, with 15,577 contracts trading so far today, representing approximately 1.6 million underlying shares of FCX. Below is a chart showing FCX's trailing twelve month trading history, with the $71 strike highlighted in orange:
lululemon athletica inc (Symbol: LULU) options are showing a volume of 13,522 contracts thus far today. That number of contracts represents approximately 1.4 million underlying shares, working out to a sizeable 45.4% of LULU's average daily trading volume over the past month, of 3.0 million shares. Especially high volume was seen for the $117 strike call option expiring July 24, 2026, with 2,157 contracts trading so far today, representing approximately 215,700 underlying shares of LULU. Below is a chart showing LULU's trailing twelve month trading history, with the $117 strike highlighted in orange:
And Merck & Co Inc (Symbol: MRK) options are showing a volume of 44,026 contracts thus far today. That number of contracts represents approximately 4.4 million underlying shares, working out to a sizeable 43.5% of MRK's average daily trading volume over the past month, of 10.1 million shares. Especially high volume was seen for the $132 strike call option expiring July 24, 2026, with 35,340 contracts trading so far today, representing approximately 3.5 million underlying shares of MRK. Below is a chart showing MRK's trailing twelve month trading history, with the $132 strike highlighted in orange:
For the various different available expirations for FCX options, LULU options, or MRK options, visit StockOptionsChannel.com.
Further FCX Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	34.39 20.53
Price/Sales	3.55 1.51
P/B	2.96 1.87
P/FCF	53.55 20.81

Indicator	TTM Median
ROE	8.91 13.61
ROA	4.75 6.51
ROI	6.90 8.75
Net Worth	93.86 1.83
Quick Ratio	1.13 1.22
Current Ratio	2.39 2.06

Indicator	TTM Median
Net Profit Margin	10.34 8.61
Operating Margin	27.83 13.49
Gross Margin	28.18 29.67
Return on tangible equity	8.91 19.10

Indicator	TTM Median
EPS	0.74 0.41
EPS Forecast	0.62 0.42
Revenue	6.23B 213.00M
Gross Profit	1.66B —
EBITDA	2.65B —

Freeport-McMoRan, Inc.

Recent quarterly and TTM performance

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Revenue