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Freeport-McMoRan: Focus On Copper Prices, Not Earnings

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Summary

  • Freeport-McMoRan reported Q1'15 results that were slightly better than expected.
  • Despite attempts of diversifying into oil and gas, the company remains squarely focused on copper.
  • The negative prospects for copper prices and low cash flows leave us on the sidelines for now.
   After reviewing the Q1'15 earnings for Freeport-McMoRan (NYSE:FCX), it quickly becomes clear that investors should shift focus away from earnings and back onto copper prices. Outside of concerning debt levels and capital expenditures, the future of the miner and more importantly the near-term stock price is all dependent on copper.


Read the full article on Seeking Alpha.


 Disclosure: No positions mentioned.  Please read the disclaimer page for more details.

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