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.

Freeport-McMoRan, Inc.

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Cohen & Steers Inc (Symbol: CNS), where a total volume of 1,011 contracts has been traded thus far today, a contract volume which is representative of approximately 101,100 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 49.6% of CNS's average daily trading volume over the past month, of 203,705 shares. Especially high volume was seen for the $75 strike call option expiring September 19, 2025, with 501 contracts trading so far today, representing approximately 50,100 underlying shares of CNS. Below is a chart showing CNS's trailing twelve month trading history, with the $75 strike highlighted in orange:
AdaptHealth Corp (Symbol: AHCO) saw options trading volume of 5,416 contracts, representing approximately 541,600 underlying shares or approximately 46.6% of AHCO's average daily trading volume over the past month, of 1.2 million shares. Particularly high volume was seen for the $10 strike put option expiring June 18, 2026, with 5,375 contracts trading so far today, representing approximately 537,500 underlying shares of AHCO. Below is a chart showing AHCO's trailing twelve month trading history, with the $10 strike highlighted in orange:
And Freeport-McMoran Copper & Gold (Symbol: FCX) options are showing a volume of 70,837 contracts thus far today. That number of contracts represents approximately 7.1 million underlying shares, working out to a sizeable 46.3% of FCX's average daily trading volume over the past month, of 15.3 million shares. Particularly high volume was seen for the $35 strike put option expiring October 17, 2025, with 22,079 contracts trading so far today, representing approximately 2.2 million underlying shares of FCX. Below is a chart showing FCX's trailing twelve month trading history, with the $35 strike highlighted in orange:
For the various different available expirations for CNS options, AHCO options, or FCX options, visit StockOptionsChannel.com.
Also see:
Top Ten Hedge Funds Holding FTRP
BBI shares outstanding history
Funds Holding XMHQ
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Friday Option Activity: CNS, AHCO, FCX

It has been about a month since the last earnings report for Freeport-McMoRan (FCX). Shares have lost about 6.4% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Freeport-McMoRan due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Freeport's Q2 Earnings Surpass Estimates on Higher Copper Prices
Freeport recorded net income of $772 million or 53 cents per share for second-quarter 2025, up around 25.3% from $616 million or 42 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 54 cents, topping the Zacks Consensus Estimate of 46 cents.
Revenues rose roughly 14.5% year over year to roughly $7.58 billion. The figure surpassed the Zacks Consensus Estimate of $7.12 billion. The company witnessed higher copper and gold prices in the reported quarter.
Operational Highlights
Copper production fell around 7.1% year over year to 963 million pounds in the reported quarter. The figure missed our estimate of 1,035 million pounds.
Consolidated sales increased approximately 9.1% year over year, reaching 1,016 million pounds of copper. The upside is primarily driven by shipment timing. The company sold 522,000 ounces of gold, up around 44.6% year over year. Freeport also sold 22 million pounds of molybdenum, up about 4.8%.
Consolidated average unit net cash costs per pound of copper were $1.13, down from $1.73 a year ago. The figure lagged our estimate of $1.50.
The average realized copper price was $4.54 per pound, up around 1.3% year over year. The figure beat our estimate of $4.20 per pound. The average realized price per ounce for gold rose around 43.1% year over year to $3,291. The figure topped our estimate of $3,024.
Financial Position
Cash and cash equivalents at the end of the quarter were $4.49 billion, down around 14.8% year over year. The company’s total debt was $9.25 billion, down 1.8%.
Cash flows provided by operations were around $2.19 billion in the reported quarter, up 12.2% year over year.
Guidance
For full-year 2025, consolidated sales volumes are projected to be around 3.95 billion pounds of copper, 1.3 million ounces of gold and 82 million pounds of molybdenum. This includes an estimated 1 billion pounds of copper, 350,000 ounces of gold and 18 million pounds of molybdenum expected to be sold in the third quarter.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a flat trend in estimates review.
The consensus estimate has shifted -14.85% due to these changes.
VGM Scores
Currently, Freeport-McMoRan has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Freeport-McMoRan has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Freeport-McMoRan (FCX) Down 6.4% Since Last Earnings Report: Can It Rebound?

Freeport-McMoRan Inc. FCX saw a notable reduction in its average unit net cash cost per pound of copper in the second quarter of 2025 to just $1.13, a sharp improvement from $1.73 a year earlier and well below its guidance of $1.50. The decline was fueled by operational efficiencies, higher gold credits and an uptick in copper sales volumes. Lower costs contributed to stronger profit margins in the quarter.
Freeport's outlook for the third quarter, however, suggests higher costs on a sequential basis. It expects unit net cash costs to rise to $1.59 per pound in the third quarter, while still projecting a full-year average of roughly $1.55. Lower expected sales volumes are likely to impact costs in the third quarter. The potential impacts of tariffs may lead to further upside to the projected third-quarter costs. FCX estimates that the tariffs could potentially increase the cost of goods it purchases in the United States by roughly 5%. Higher costs are likely to weigh on the company's margins.
Among FCX’s peers, Southern Copper Corporation SCCO also reported lower unit costs in the second quarter. Southern Copper’s operating cash cost per pound of copper, net of by-product revenue credits, was $0.63, marking a 17% decline from $0.76 per pound reported in the prior-year quarter. Southern Copper’s operating cash cost per pound of copper also declined roughly 24% year over year in the first six months of 2025.
BHP Group Limited BHP saw lower unit costs across its copper operations in fiscal 2025. BHP expects the unit cost for Escondida to be in the band of $1.20-$1.50 per pound for fiscal 2026. BHP also expects Copper South Australia’s unit cost to be between $1 and $1.50 per pound. Unit costs at Spence are expected to be between $2.10 and $2.40 per pound for fiscal 2026.
The Zacks Rundown for FCX
Shares of Freeport-McMoRan are up 9.6% year to date against the Zacks Mining - Non Ferrous industry’s rise of 3.2%.
Image Source: Zacks Investment Research
From a valuation standpoint, FCX is currently trading at a forward 12-month earnings multiple of 19.76, a modest 1% premium to the industry average of 19.49X. It carries a Value Score of B.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for FCX’s 2025 and 2026 earnings implies a year-over-year rise of 18.2% and 33%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
FCX stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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FCX's Unit Net Cash Costs Fall in Q2: Can It Sustain the Momentum?

Hudbay Minerals Inc. HBM has entered into a joint venture agreement with Mitsubishi Corporation MSBHF that will help advance its Copper World project in Arizona. Under the agreement, Mitsubishi will acquire a 30% minority stake for an initial cash contribution of $600 million.
Copper World is one of the highest-grade open-pit copper projects in the Americas, boasting proven and probable reserves of 385 million tons at 0.54% copper. Securing Mitsubishi as a 30% partner for Copper World will help HBM advance the project toward sanctioning and help unlock significant value in its copper growth portfolio. Notably, Mitsubishi is the strategic partner and has investments in some of the world’s large and high-quality copper assets.
Mitsubishi's $600 million initial investment will consist of $420 million at closing and $180 million within 18 months of closing. Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions. This strategic deal will sharply reduce Hudbay Minerals’ upfront funding needed to develop the project.
HBM Secures Additional Value Through Wheaton Stream Amendment
Hudbay Minerals has also amended the existing precious metals streaming agreement with Wheaton Precious Metals WPM for 100% of the gold and silver produced at Copper World. In addition to the initial $230 million stream deposit, the revised deal with Wheaton provides an additional contingent payment of up to $70 million on a future potential mill expansion. Also, ongoing payments for gold and silver have been amended from fixed pricing to 15% of spot prices, giving HBM upside exposure to precious metals prices.
The combined impact of the Mitsubishi investment, pro-rata contributions and the amended Wheaton stream is expected to reduce Hudbay Mineral’s estimated share of remaining capital requirements to around $200 million, while deferring its first capital outlay until 2028.
Copper World Poised to be a Key Growth Driver for HBM
Hudbay Minerals plans to advance Copper World toward a sanction decision in 2026. Feasibility study for Copper World is underway with expected completion of a definitive feasibility study by mid-2026.
The mine is expected to produce 85,000 tons copper annually over an initial 20-year mine life. Once in production, Copper World is expected to boost Hudbay Mineral’s consolidated copper output by more than 50%.
Hudbay Minerals Delivers Solid Q2 Results
HudBay Minerals reported second-quarter 2025 earnings of 19 cents per share compared with break-even earnings per share a year ago. This was driven by higher gross margins and cost control.
The company reported revenues of $536.4 million, 26% higher than last year. Consolidated copper production was 29,956 tons and gold production was 56,271 ounces. The figures came in lower than the first quarter of 2025 due to the impacts of a temporary suspension of operations in Manitoba as a result of mandatory wildfire evacuation orders.
HBM, however, maintained its 2025 consolidated production guidance of 117,000-149,000 tons of copper and 247,500-308,000 ounces of gold.
A Quick Look at a Peer’s Q2 Performance
Freeport-McMoRan Inc. FCX reported adjusted earnings per share of 54 cents in the second quarter, a 17% increase year over year.
Freeport-McMoRan’s revenues rose roughly 14.5% year over year to $7,582 million. Copper production fell around 7.1% year over year to 963 million pounds in the reported quarter.
For full-year 2025, Freeport-McMoRan projects consolidated sales volumes at around 3.95 billion pounds of copper, 1.3 million ounces of gold and 82 million pounds of molybdenum.
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HBM Sells 30% Stake in Copper World to Mitsubishi for $600M

For Immediate Release
Chicago, IL – August 15, 2025 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Merck & Co., Inc. MRK, Palo Alto Networks, Inc. PANW, Freeport-McMoRan Inc. FCX and Espey Mfg. & Electronics Corp. ESP.
Here are highlights from Thursday’s Analyst Blog:
Top Analyst Reports for Merck, Palo Alto and Freeport
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 12 major stocks, including Merck & Co., Inc., Palo Alto Networks, Inc. and Freeport-McMoRan Inc., as well as a micro-cap stock Espey Mfg. & Electronics Corp.. The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
Today's Featured Research Reports
Shares of Merck have underperformed the Zacks Large Cap Pharmaceuticals industry over the year-to-date period (-15.7% vs. -4.2%). Rising competitive and generic pressure on some drugs and persistent challenges for Gardasil in China remain overhangs for the company. There are concerns about Merck's ability to successfully navigate the Keytruda loss of exclusivity and potential competition for the drug.
Nevertheless, Merck's second-quarter earnings beat estimates while sales met. Its blockbuster drug, Keytruda, and new products have been driving sales. With label expansion into new indications, particularly earlier-stage launches, Keytruda is expected to see continued growth.
Animal health is also contributing to growth. Merck has been making meaningful pipeline progress. It is also actively pursuing M&A deals to enhance its pipeline and diversify away from Keytruda.
(You can read the full research report on Merck here >>>)
Palo Alto's shares have gained +2.6% over the past year against the Zacks Security industry's gain of +21%. The company has been benefiting from continuous deal wins and the increasing adoption of its next-generation security platforms, which are attributable to the rise of the hybrid work trend and the heightened need for stronger security.
PANW's strong back-to-back quarterly performances reflect its sustained focus on product innovation, a shift in its business model to subscription-based services, platform integration and continued investments in the go-to-market strategy. The normalization of the supply chain is also aiding growth across the Products, Services and Subscription segments.
However, softening IT spending amid macroeconomic headwinds may hurt its near-term prospects. Forex headwinds and higher marketing and sales expenses are likely to continue hurting its profitability. Also, high acquisition-related expenses are denting margins.
(You can read the full research report on Palo Alto here >>>)
Shares of Freeport have outperformed the Zacks Mining - Non Ferrous industry over the year-to-date period (+11% vs. +6.8%). The company's adjusted earnings and sales for the second quarter beat the respective Zacks Consensus Estimate. Freeport is conducting exploration activities near existing mines to expand reserves. It is expected to gain from progress in exploration activities that will boost production capacity.
Freeport is executing several smelter projects in Indonesia. It is also well-positioned to benefit from automotive electrification, which is positive for copper, as electric vehicles are copper-intensive. The company's efforts to reduce debt are also encouraging.
However, weak copper volumes may also hurt its performance. Sizable capital spending is also likely to impact free cash flow generation. Copper prices also remain volatile amid trade uncertainties.
(You can read the full research report on Freeport here >>>)
Espey Mfg. & Electronics' shares have outperformed the Zacks Electronics - Military industry over the year-to-date period (+59.6% vs. -20.7%). This microcap company with a market capitalization of $134.46 million posted strong YTD FY25 results, with revenue up 26.7% to $34.4 million, driven by defense power supply programs and improved gross margins. Its record $138 million backlog — anchored by long-term contracts and key customer relationships — provides multi-year revenue visibility, with nearly half scheduled beyond FY26.
Strategic wins include $49.3 million in multi-year contracts for the U.S. Navy's Columbia-class submarines, supporting long-term positioning in electrification systems. A debt-free balance sheet, $28.3 million in liquidity, and $10.8 million in federal funding for capacity upgrades enhance strategic flexibility and throughput.
Espey benefits from defense modernization tailwinds, especially in naval and airborne electrification. However, risks include persistent margin headwinds from early-stage programs, fixed cost pressures, and high customer concentration.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Merck, Palo Alto Networks, Freeport-McMoRan and Espey

Thursday, August 14, 2025
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 12 major stocks, including Merck & Co., Inc. (MRK), Palo Alto Networks, Inc. (PANW) and Freeport-McMoRan Inc. (FCX), as well as a micro-cap stock Espey Mfg. & Electronics Corp. (ESP). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Economic Data at 3-Year Highs: PPI, Jobless Claims
Today's Featured Research Reports
Shares of Merck have underperformed the Zacks Large Cap Pharmaceuticals industry over the year-to-date period (-15.7% vs. -4.2%). Rising competitive and generic pressure on some drugs and persistent challenges for Gardasil in China remain overhangs for the company. There are concerns about Merck’s ability to successfully navigate the Keytruda loss of exclusivity and potential competition for the drug.
Nevertheless, Merck’s second-quarter earnings beat estimates while sales met. Its blockbuster drug, Keytruda, and new products have been driving sales. With label expansion into new indications, particularly earlier-stage launches, Keytruda is expected to see continued growth.
Animal health is also contributing to growth. Merck has been making meaningful pipeline progress. It is also actively pursuing M&A deals to enhance its pipeline and diversify away from Keytruda.
(You can read the full research report on Merck here >>>)
Palo Alto’s shares have gained +2.6% over the past year against the Zacks Security industry’s gain of +21%. The company has been benefiting from continuous deal wins and the increasing adoption of its next-generation security platforms, which are attributable to the rise of the hybrid work trend and the heightened need for stronger security.
PANW’s strong back-to-back quarterly performances reflect its sustained focus on product innovation, a shift in its business model to subscription-based services, platform integration and continued investments in the go-to-market strategy. The normalization of the supply chain is also aiding growth across the Products, Services and Subscription segments.
However, softening IT spending amid macroeconomic headwinds may hurt its near-term prospects. Forex headwinds and higher marketing and sales expenses are likely to continue hurting its profitability. Also, high acquisition-related expenses are denting margins.
(You can read the full research report on Palo Alto here >>>)
Shares of Freeport have outperformed the Zacks Mining - Non Ferrous industry over the year-to-date period (+11% vs. +6.8%). The company’s adjusted earnings and sales for the second quarter beat the respective Zacks Consensus Estimate. Freeport is conducting exploration activities near existing mines to expand reserves. It is expected to gain from progress in exploration activities that will boost production capacity.
Freeport is executing several smelter projects in Indonesia. It is also well-positioned to benefit from automotive electrification, which is positive for copper, as electric vehicles are copper-intensive. The company's efforts to reduce debt are also encouraging.
However, weak copper volumes may also hurt its performance. Sizable capital spending is also likely to impact free cash flow generation. Copper prices also remain volatile amid trade uncertainties.
(You can read the full research report on Freeport here >>>)
Espey Mfg. & Electronics’ shares have outperformed the Zacks Electronics - Military industry over the year-to-date period (+59.6% vs. -20.7%). This microcap company with a market capitalization of $134.46 million posted strong YTD FY25 results, with revenue up 26.7% to $34.4 million, driven by defense power supply programs and improved gross margins. Its record $138 million backlog — anchored by long-term contracts and key customer relationships — provides multi-year revenue visibility, with nearly half scheduled beyond FY26.
Strategic wins include $49.3 million in multi-year contracts for the U.S. Navy’s Columbia-class submarines, supporting long-term positioning in electrification systems. A debt-free balance sheet, $28.3 million in liquidity, and $10.8 million in federal funding for capacity upgrades enhance strategic flexibility and throughput.
Espey benefits from defense modernization tailwinds, especially in naval and airborne electrification. However, risks include persistent margin headwinds from early-stage programs, fixed cost pressures, and high customer concentration.
(You can read the full research report on Espey Mfg. & Electronics here >>>)
Other noteworthy reports we are featuring today include Telefónica, S.A. (TEF), PPL Corp. (PPL) and Antero Midstream Corp. (AM).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Featured Reports
Telefonica (TEF) Rides on Robust 5G Coverage Amid Forex Woes
Per the Zacks analyst, Telefonica's extensive 5G footprint across Spain, Germany and Brazil is solidifying its position. However, global macroeconomic uncertainty and forex volatility are concerning.
Investments, Clean Generation Focus Aid PPL Corporation (PPL)
Per the Zacks analyst, PPL's strategic investment of $20 billion during 2025-2028 should strengthen its infrastructure. Focus on renewables projects should further boost margins.
Antero Midstream (AM) Shines on Fee-Based Revenue Stability
Per the Zacks analyst, Antero Midstream's long-term fee-based contracts ensure predictable cash flows, supporting steady dividends, debt reduction, and sustained shareholder value in 2025.
Strong Solvency, New Launches Boost Globus Medical (GMED)
Globus Medical exited the second quarter of 2025 with no long-term debt, boasting solid financial stability amid an overall tough macroeconomic landscape. Furthermore, new product launches aid growth.
Fee Income to Support Bank OZK (OZK), Asset Quality Weak
Per the Zacks analyst, fee income, high rates, efforts to boost mortgage banking business and diverse loans will likely aid Bank OZK's financials. Yet, weak asset quality and high costs are woes.
New Upgrades
Low Fuel Costs & Fleet Upgrade Efforts Aid SkyWest (SKYW)
The Zacks analyst likes the company's efforts to modernize its fleet. Low fuel costs are aiding the regional carrier's bottom line.
Wolverine's (WWW) Product Initiatives to Boost Market Share
Per the Zacks analyst, Wolverine is actively pursuing a comprehensive strategy to enhance brand portfolio, focusing on Merrell and Saucony brands. These efforts are expected to help gain market share.
New Downgrades
AI Tax Assist Benefits H&R Block (HRB) Amid Low Liquidity
Per the Zacks Analyst, integration of a generative AI-powered technology, AI Tax Assist, in H&R Block's DIY tax preparation boosts top line. Low liquidity is concerning.
Inflation, Tariffs, and Costs Strain Carter's (CRI) Margins
Per the Zacks analysts, Carter's profitability remains pressured as cost inflation, higher clearance activity, tariffs, and FX headwinds continue to weigh on margins despite strategic investments.
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Top Analyst Reports for Merck, Palo Alto & Freeport

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But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Freeport-McMoRan (FCX)
Based in Phoenix, AZ, Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc., is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates. The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia (PT-FI), Freeport Minerals Corporation and Atlantic Copper. PT Freeport Indonesia’s principal asset is Papua, Indonesia-based Grasberg mine, which contains the world’s largest copper and gold reserves.
FCX is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. FCX has a Growth Style Score of B, forecasting year-over-year earnings growth of 18.9% for the current fiscal year.
For fiscal 2025, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.11 to $1.76 per share. FCX boasts an average earnings surprise of +10.4%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, FCX should be on investors' short list.
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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.

Here's Why Freeport-McMoRan (FCX) is a Strong Growth Stock

Wall Street watches a company's quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands out among the rest: earnings.
The earnings figure itself is key, of course, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb and vice versa.
The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.
The Zacks Earnings ESP, Explained
The Zacks Earnings ESP is more formally known as the Expected Surprise Prediction, and it aims to grab the inside track on the latest analyst estimate revisions ahead of a company's report. The idea is relatively intuitive as a newer projection might be based on more complete information.
The core of the ESP model is comparing the Most Accurate Estimate to the Zacks Consensus Estimate, where the resulting percentage difference between the two equals the Expected Surprise Prediction. The Zacks Rank is also factored into the ESP metric to better help find companies that appear poised to top their next bottom-line consensus estimate, which will hopefully help lift the stock price.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.
Should You Consider Kinross Gold?
The final step today is to look at a stock that meets our ESP qualifications. Kinross Gold (KGC) earns a #1 (Strong Buy) six days from its next quarterly earnings release on November 5, 2024, and its Most Accurate Estimate comes in at $0.18 a share.
Kinross Gold's Earnings ESP sits at +8.24%, which, as explained above, is calculated by taking the percentage difference between the $0.18 Most Accurate Estimate and the Zacks Consensus Estimate of $0.17. KGC is also part of a large group of stocks that boast a positive ESP. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
KGC is one of just a large database of Basic Materials stocks with positive ESPs. Another solid-looking stock is HudBay Minerals (HBM).
Slated to report earnings on November 13, 2024, HudBay Minerals holds a #3 (Hold) ranking on the Zacks Rank, and it's Most Accurate Estimate is $0.05 a share 14 days from its next quarterly update.
HudBay Minerals' Earnings ESP figure currently stands at +3.06% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $0.05.
KGC and HBM's positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.
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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.

These 2 Basic Materials Stocks Could Beat Earnings: Why They Should Be on Your Radar

Key Points
Freeport-McMoRan, the self-styled "America's copper champion," dominates refined copper production in the U.S.
The company has global operations but benefits inordinately from a premium in the U.S. price of copper versus the international price.
Despite the setback, the stock looks like a great value.
Freeport-McMoRan (NYSE: FCX) shares were down by almost 10% during the week to Thursday at noon. The decline stems from the Trump administration's decision to exempt refined copper imports from 50% tariffs.
Freeport-McMoRan and copper tariffs
While the administration will tariff semi-finished goods such as wiring, electrical fittings, and pipes by 50%, the decision to exempt refined copper is a negative for Freeport. As Chairman Richard Adkerson noted on the recentearnings call "We are the dominant producer in the U.S., producing over 70% of the country's refined copper."
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As such, the company is a key beneficiary in times when the market is willing to pay a premium for the U.S. price of copper on the Commodity Exchange (COMEX) and the international price traded on the London Metal Exchange (LME). That premium was in play in 2025 as speculators pushed the COMEX price up as they rushed to buy copper ahead of a potential tariff on imports of refined copper.
Fast-forward to this week, and that premium abruptly disappeared, taking the COMEX price crashing down from about $5.60 per pound at the start of the week to about $4.35 per pound as I write.
What it means to the investment case for Freeport-McMoRan stock
According to Freeport's models, a 50% COMEX premium (a reasonable assumption if a 50% tariff had been imposed) would result in 20% higher earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2026-2027.
Still, even with the premium dissipated and the COMEX and LME prices close to each other again at $4.35 per pound, Freeport should generate $12.9 billion in EBITDA, and with a current enterprise value of about $67.7 billion, it trades on 5.2 times EBITDA in 2026-2027. That's too cheap, and the stock remains attractive.
Should you invest $1,000 in Freeport-McMoRan right now?
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Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Here's Why Freeport-McMoRan Stock Crashed This Week (Hint: It's Trump Tariff-Related.)

The S&P 500 Index ($SPX) (SPY) Monday closed up +0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.36%. September E-mini S&P futures (ESU25) fell -0.02%, and September E-mini Nasdaq futures (NQU25) rose +0.35%.
Stock indexes on Monday settled mostly higher, with the S&P 500 and Nasdaq 100 posting new record highs. Positive trade news pushed stocks higher on Monday after the European Union (EU) and the US reached a trade deal on Sunday, which will see the EU face tariffs of 15% on most of its exports, lower than the previous threats from President Trump of tariffs as high as 50%. Stocks also rose after the South China Morning Post reported that the US and China are expected to extend their tariff truce by another 90 days from August 12, when US Treasury Secretary Bessent and Chinese Vice Premier He Lifeng meet in Stockholm.
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Stocks fell back from their best levels on Monday after poor demand for the Treasury’s $70 billion auction of 5-year T-notes pushed bond yields higher and sparked long liquidation in equities. Bond yields also rose after the Treasury raised its Q3 borrowing estimate to $1.01 trillion from an April estimate of $554 billion, which could prompt the Treasury to boost its sales of government debt securities.
Monday’s US economic news was supportive for stocks after the Jul Dallas Fed manufacturing outlook survey rose +13.6 to a 6-month high of 0.9, stronger than expectations of -9.0.
The markets this week will focus on any news of new trade deals before Friday’s deadline. On Tuesday, the Jun JOLTS job openings are expected to decline by -219,000 to 7.55 million. Also on Tuesday, the Conference Board’s US Jul consumer confidence index is expected to climb by +3.0 to 96.0. In addition, the 2-day FOMC meeting begins on Tuesday, and the Fed is expected to keep the fed funds target range unchanged at 4.25% to 4.50%. On Wednesday, the Jul ADP employment change is expected to climb by +80,000. Also on Wednesday, Q2 GDP is expected to expand by +2.4% (q/q annualized) and the Q2 core PCE price index is expected to ease to +2.3% from +3.5% in Q1. On Thursday, initial weekly unemployment claims are expected to rise by 6,000 to 223,000, and the Q2 employment cost index is expected to increase by 0.8%. Also, Jun personal spending is expected to climb +0.4% m/m and Jun personal income is expected to rise +0.3% m/m. In addition, the Jun core PCE price index, the Fed’s preferred inflation gauge, is expected to climb +0.3% m/m and +2.7% y/y. Finally, on Thursday, the Jul MNI Chicago PMI is expected to increase by +1.6 to 42.0. On Friday, Jul nonfarm payrolls are expected to increase by +109,000 and the Jul unemployment rate is expected to rise by +0.1 to 4.2%. Also, Jul average hourly earnings are expected +0.3% m/m and +3.8% y/y. In addition, the Jul ISM manufacturing index is expected to increase by +0.2 to 49.5. Finally, the University of Michigan Jul consumer sentiment index is expected to be unrevised at 61.8.
The markets are awaiting President Trump’s August 1 deadline for trade deals to avoid high tariffs. On July 16, Mr. Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. As an update, Mr. Trump last Wednesday said, “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” an indication that the floor for tariffs is rising and suggesting that he would not go below 15%.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the Tue/Wed FOMC meeting and 63% at the following meeting on September 16-17.
This week kicks off the earnings season’s busiest week, with 38% of the stocks in the S&P 500 reporting quarterly earnings, double the amount reported last week. The earnings results of Magnificent Seven members will be front and center, with Microsoft and Meta Platforms reporting on Wednesday and Apple and Amazon.com reporting on Thursday. Early results show that S&P 500 earnings are on track to rise +4.5% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. With about a third of S&P 500 firms having reported, around 82% exceeded profit estimates.
Overseas stock markets on Monday settled mixed. The Euro Stoxx 50 fell from a 2-week high and closed down -0.27%. China’s Shanghai Composite closed up +0.12%. Japan’s Nikkei Stock 225 closed down -1.10%.
Interest Rates
September 10-year T-notes (ZNU25) Monday closed down -7 ticks. The 10-year T-note yield is up +1.6 bp to 4.404%. T-notes are under pressure from today’s rally in the S&P 500 to a new record high, which reduces safe-haven demand for T-notes. Also, supply pressures are weighing on T-notes as the Treasury auctioned $69 billion of 2-year T-notes and $70 billion of 5-year T-notes on Tuesday. T-notes fell to their lows on Monday afternoon due to weak demand for the Treasury’s $70 billion auction of 5-year T-notes that had a bid-to-cover ratio of 2.31, below the 10-auction average of 2.39. Losses in T-notes were limited after the US and EU agreed on a trade deal, which eases concerns about inflation.
European government bond yields on Monday were mixed. The 10-year German bund yield fell -2.9 bp to 2.689%. The 10-year UK gilt yield rose +1.2 bp to 4.647%.
ECB Governing Council member Kazimir said the ECB shouldn’t cut interest rates in September unless there’s evidence of a major deterioration in the economy.
Swaps are discounting the chances at 17% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chip stocks rose Monday after the EU and the US reached a trade deal. Advanced Micro Devices (AMD) closed up more than +4% to lead gainers in the Nasdaq 100. Also, On Semiconductor Corp (ON) closed up more than +3%, and KLA Corp (KLAC), ASML Holding NV (ASML), Marvell Technology (MRVL), Texas Instruments (TXN), Applied Materials (AMAT), and NXP Semiconductors NV (NXPI) closed up more than +2%. In addition, Nvidia (NVDA), Lam Research (LRCX), GlobalFoundries (GFS), Microchip Technology (MCHP), and Qualcomm (QCOM) closed up more than +1%.
Energy stocks and energy service providers rallied Monday after the price of WTI crude oil rose more than +2% to a 1-week high. Diamondback Energy (FANG) closed up more than +4% and Devon Energy (DVN) closed up more than +3%. Also, APA Corp (APA), ConocoPhillips (COP), and Phillips 66 (PSX) closed up more than +2%. In addition, Haliburton (HAL), Marathon Petroleum (MPC), Baker Hughes (BKR), Occidental Petroleum (OXY), and Valero Energy (VLO) closed up more than +1%.
LNG stocks moved higher on Monday after the EU committed to big purchases of American energy products as part of the EU-US trade deal. Venture Global (VG) closed up more than +4%, and Cheniere Energy (LNG) and EOG Resources (EOG) closed up more than +1%.
Mining stocks were under pressure Monday after gold and copper prices tumbled to 2-1/2 week lows. Newmont (NEM) closed down more than -3% and Freeport McMoRan (FCX) closed down more than -2%.
Super Micro Computer (SMCI) closed up more than +10% to lead gainers in the S&P 500 on optimism that demand for its AI servers will remain strong.
Nike (NKE) closed up more than +3% to lead gainers in the Dow Jones Industrials after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $93.
Weatherford International Plc (WFRD) closed up more than +3% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $73.
Revvity (RVTY) closed down more than -8% after cutting its full-year adjusted EPS estimate to $4.85-$4.95 from a previous estimate of $4.90-$5.00, the midpoint below the consensus of $4.93.
Centene (CNC) closed down more than -5% after Cantor Fitzgerald downgraded the stock to neutral from overweight.
Coinbase Global (COIN) closed down more than -3% after Monness, Crespi, Hardt & Co. downgraded the stock to neutral from buy.
Gilead Sciences (GILD) closed down more than -2% as analysts note a potential risk to the company’s HIV preventative drugs after HHS Secretary Kennedy was reported to be planning the dismissal of an advisory panel that determines what preventive health measures insurers must cover.
Accenture Plc (ACN) closed down more than -2% after HSBC initiated coverage on the stock with a recommendation of reduce and a price target of $240.
Cisco Systems (CSCO) closed down more than -1% after Evercore ISI downgraded the stock to inline from outperform.
Earnings Reports (7/29/2025)
American Tower Corp (AMT), Arch Capital Group Ltd (ACGL), Boeing Co/The (BA), Booking Holdings Inc (BKNG), BXP Inc (BXP), Caesars Entertainment Inc (CZR), Carrier Global Corp (CARR), CBRE Group Inc (CBRE), Corning Inc (GLW), DTE Energy Co (DTE), Ecolab Inc (ECL), Electronic Arts Inc (EA), Essex Property Trust Inc (ESS), Expand Energy Corp (EXE), Hubbell Inc (HUBB), Incyte Corp (INCY), Johnson Controls International (JCI), Merck & Co Inc (MRK), Mondelez International Inc (MDLZ), Norfolk Southern Corp (NSC), PayPal Holdings Inc (PYPL), PPG Industries Inc (PPG), Procter & Gamble Co/The (PG), Regency Centers Corp (REG), Republic Services Inc (RSG), Royal Caribbean Cruises Ltd (RCL), Seagate Technology Holdings PL (STX), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Sysco Corp (SYY), Teradyne Inc (TER), United Parcel Service Inc (UPS), UnitedHealth Group Inc (UNH), Visa Inc (V).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.