Buzz Stocks: TRACON, QUALCOMM, Freeport-McMoRan

Today's stocks to watch include TRACON Pharmaceuticals Inc (TCON), QUALCOMM, Inc. (QCOM), and Freeport-McMoRan Inc (FCX)

Sep 18, 2015 at 10:12 AM

U.S. benchmarks are notably lower this morning, as stocks succumb to more post-Fed selling. Today's equities in focus are biotech concern TRACON Pharmaceuticals Inc (NASDAQ:TCON), tech firm QUALCOMM, Inc. (NASDAQ:QCOM), and natural resource company Freeport-McMoRan Inc (NYSE:FCX).

TCON, like sector compadre Aerie Pharmaceuticals Inc (NASDAQ: AERI) yesterday, has rocketed 39% higher to $16.30, after a patient with a fast-growing form of cancer responded to its experimental drug, TRC105. While the shares of TRACON Pharmaceuticals Inc have successfully surmounted recent resistance in the $14 area, they're struggling to conquer the $18 region, which capped rally attempts back in March.

QCOM is down 0.8% at $54.55, as traders weigh news the company is cutting more than 1,300 jobs in San Diego. It's been a rough year for QUALCOMM, Inc., as the stock has shed roughly 27%, pressured beneath its 10-week moving average. Still, analysts remain optimistic, as more than half offer up "buy" or better ratings. Perhaps they're hoping for a split?

FCX was on pace for a solid month, up 13.3% until today. In fact, the shares had just notched a close atop their 50-day moving average for the first time since mid-May. However, the stock is down 7.7% at $11.12 this morning, after Freeport-McMoRan Inc said it raised $1 billion in its at-the-market common stock offering, and filed to sell as much as $1 billion more.

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