FCX is trading near 14-year highs
Freeport-McMoRan Inc (NYSE:FCX) is gearing up for its fourth-quarter earnings report, due out ahead of the open on Thursday, Jan. 22. Per Zacks Research, analysts anticipate earnings of 28 cents per share on $5.05 billion, a year-over-year drop of 9.7% and 11.7%, respectively. Strong copper prices, of which the mining name is a large producer, could help the company beat estimates, however.
On the charts, Freeport McMoRan stock has been rallying since late November, recently hitting a Jan. 14, 14-year high of $60.71. At last check, shares were up 1% at $59.31 -- still hanging out near that peak. Year over year, FCX is up 47.6%, while year to date, the equity is enjoying a 16.9% lead.
The security has a mixed post-earnings history, finishing half of its last eight post-earnings sessions higher, including a 1.1% gain in October. FCX has averaged a next-day swing of 2.6%, regardless of direction, in the past two years, which is smaller than the 6.6% move the options pits are pricing in this time around.