Freeport-McMoRan Rally Continues After Icahn Discloses Stake

Loading...
Loading...

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Freeport-McMoRan Inc FCX shares were trading higher by $0.25 (2 percent) at $10.44 in Friday's session. After a big day on Thursday in the frenzied buying of commodity-related stocks. the issue received another boost when Carl Icahn disclosed in Schedule 13D filing a stake in the company.

After rallying on Thursday from $7.92 to $10.19, the issue traded up to $11.48 off the open before succumbing to profit-taking resulting in a pullback under $11. That level is just above the pair of highs from August 6 ($11.30) and August 7 ($11.25). So far, it has fallen to $10.31 before rebounding back to $10.50.

This is the second day in a row of heavier than average volume. On Thursday, it traded 10.8 million shares and has already traded 8.13 million shares today compared with its 50-day average of 7.18 million.

Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...