John123
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John123 in Gainers & Losers,

Freeport slumps to 15-year low

Shares of copper miner and oil producer Freeport-McMoRan Inc (FCX) fell to 15-year low on Monday, hammered by the twin blows of a slump in copper prices to six-year lows and weaker oil prices.

Ratings agency Fitch also downgraded Freeport's issuer default rating to "BBB-" from "BBB on Friday night, citing its expectations for a prolonged slump in commodity prices and the company's high debt levels. 

Shares of Freeport, the biggest listed U.S. copper producer, closed at $4.31, down 20.33%.

At 16.5 times, Freeport has one of the highest net debt to earnings before interest, tax, depreciation and amortization (EBITDA) ratios of any of the world's miners, according to Thomson Reuters data.

Copper prices plummeted to their lowest in 6-1/2 years on Monday as large losses in Chinese equity markets reinforced tarnished prospects for growth and demand in the world's biggest consumer of industrial metals.

Oil prices tumbled nearly 5 percent.

FCX looks very miserable, so sell rallies should be a good trading idea, imho.