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Actionable news in FCX: FreePORT-MCMORAN Inc,

Freeport-McMoRan (FCX) Stock Slumps on Anadarko Deal, Cowen Bullish

NEW YORK (TheStreet) -- Shares of Freeport-McMoRan (FCX) were falling 9.51% to $10.03 in late morning trade on Tuesday after the company agreed late yesterday to sell its deepwater Gulf of Mexico assets for $2 billion to Anadarko Petroleum (APC).

Cowen reiterated its "outperform" rating and $15 price target on Freeport shares this morning following the announcement, the Fly reports.

The firm said that Freeport, a Phoenix-based natural resource company, has eliminated a major overhang with the sale.

Freeport has...