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Freeport-McMoRan (FCX) Moves 15.5% Higher: Will This Strength Last?
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Freeport-McMoRan (FCX - Free Report) shares rallied 15.5% in the last trading session to close at $33.74. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 18.6% loss over the past four weeks.
FCX's rally follows a spike in material stocks after President Trump declared a 90-day pause of reciprocal tariffs for most nations.
This mining company is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of -18.8%. Revenues are expected to be $5.6 billion, down 11.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Freeport-McMoRan, the consensus EPS estimate for the quarter has been revised 9.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on FCX going forward to see if this recent jump can turn into more strength down the road.
Freeport-McMoRan is part of the Zacks Mining - Non Ferrous industry. First Quantum Minerals (FQVLF - Free Report) , another stock in the same industry, closed the last trading session 14% higher at $12.01. FQVLF has returned -12% in the past month.
For First Quantum Minerals, the consensus EPS estimate for the upcoming report has changed -37.5% over the past month to -$0.07. This represents a change of +65% from what the company reported a year ago. First Quantum Minerals currently has a Zacks Rank of #3 (Hold).
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Freeport-McMoRan (FCX) Moves 15.5% Higher: Will This Strength Last?
Freeport-McMoRan (FCX - Free Report) shares rallied 15.5% in the last trading session to close at $33.74. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 18.6% loss over the past four weeks.
FCX's rally follows a spike in material stocks after President Trump declared a 90-day pause of reciprocal tariffs for most nations.
This mining company is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of -18.8%. Revenues are expected to be $5.6 billion, down 11.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Freeport-McMoRan, the consensus EPS estimate for the quarter has been revised 9.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on FCX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Freeport-McMoRan is part of the Zacks Mining - Non Ferrous industry. First Quantum Minerals (FQVLF - Free Report) , another stock in the same industry, closed the last trading session 14% higher at $12.01. FQVLF has returned -12% in the past month.
For First Quantum Minerals, the consensus EPS estimate for the upcoming report has changed -37.5% over the past month to -$0.07. This represents a change of +65% from what the company reported a year ago. First Quantum Minerals currently has a Zacks Rank of #3 (Hold).