|Last Price$33.01||Day Change (%)0%|
|Open Price$33.06||Day Change ($)0.00|
|Day Range32.99–33.29||52-Week Range26.37–38.09|
As of Thu 04/17/2014 06:06 PM EST | USD
Freeport-McMoRan Copper & Gold FCX and Phelps Dodge PD have agreed to terms under which the former will purchase the latter for $25.9 billion in cash and stock. We are placing both companies under review while we assess the proposal. The purchase price is $126.46 per share, of which $88 is cash. We ...
We don't see the recent share price declines for metals and mining producers as a buying opportunity on average.
Increased investor inflows and portfolio reshuffling (driven in part by a fairly valued market), has added breadth to the high-conviction and new-money purchases we've seen so far from our top managers.
This year has not been 2008 all over again for these offerings, to the detriment of their relative returns.
The author does not own any of the stocks or funds mentioned above.
This cyclical sector appears undervalued, but be ready for a bumpy ride.