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Wednesday, June 30, 2010

Freeport McMoRan (NYSE:FCX) Getting Closer Look from Moody's (NYSE:MCO)

Freeport McMoRan (NYSE:FCX) hasn't had a lot of good news on the macroeconomic level lately, and that has caused it to plummet from a 52-week high of $90.55 in January to closing at $61.07 a share on Tuesday.

Consequently, they've had their credit ratings lowered during that time, and word is Moody's (NYSE:MCO) is now reviewing a variety of their ratings to see if any merit being upwardly revised.

Freeport ended Tuesday down $3.59, or 5.55 percent, as the global economic picture seems to be getting bleaker all the time, and consumer confidence is plunging as a result.

Add to this the slowing U.S. housing starts, the Chinese battling inflation in their urban property markets, and the chaos in Europe, and copper doesn't look like it has anything out there to offer it support.

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