Why Freeport-McMoRan (FCX) Stock Is Falling Today

Freeport-McMoRan Inc (NYSE:FCX) shares are trading lower Friday afternoon as mining operations at its Grasberg minerals district in Indonesia remain temporarily suspended. The halt follows a September 8 mud flow incident that trapped seven contract workers in the Grasberg Block Cave mine, a critical asset for the company’s copper and gold production.

What To Know: The company stated that its priority is the safe and expeditious evacuation of the trapped personnel. “The Freeport family is filled with sadness, grief and concern for our missing team members and their families,” said Richard C. Adkerson, Chairman of the Board, and Kathleen Quirk, President and CEO.

Expert teams are working continuously to clear access routes and have drilled into a number of locations in the service level, including near a refuge chamber, but have not yet been able to locate the workers.

The extended shutdown is rattling investors, as a significant halt in production could negatively impact the company's output and revenue forecasts. Indonesian government authorities are on-site assisting with the rescue operations.

Benzinga Edge Rankings: According to Benzinga Edge rankings, FCX maintains its strongest score in Quality with a rating of 63.18.

Price Action: According to data from Benzinga Pro, FCX shares are trading lower by 4.02% to $44.08 Friday afternoon. The stock has a 52-week high of $52.61 and a 52-week low of $27.66.

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How To Buy FCX Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Freeport-McMoRan’s case, it is in the Materials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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