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Freeport-McMoRan (FCX) Stock Down After Selling $1 Billion Shares

NEW YORK (TheStreet) -- Freeport-McMoRan (FCX - Get Report) stock is sliding by 8.17% to $11.06 in early morning trading on Friday, after the company filed to sell additional shares to raise as much as $1 billion.

In August, the company sold 96.7 million shares to raise $1 billion in gross proceeds, after activist investor Carl Icahn revealed he had taken a 8.5% stake in the company, which he called "undervalued," according to Reuters.

Freeport-McMoRan's plan to raise an additional $1 billion comes amid a drop in commodities prices that was exacerbated yesterday when the Fed decided not to raise interest rates because of the weak global economy, The Wall Street Journal reports.

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The company has said it will put the proceeds from the offerings toward borrowings repayment and capital spending, The Journal noted.

Freeport-McMoRan, based in Phoenix, is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile.

Separately, TheStreet Ratings team rates FREEPORT-MCMORAN INC as a Sell with a ratings score of...


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