Freeport-McMoRan upgraded to outperformer from neutral at CIBC

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Freeport-McMoRan earnings fall short of estimates

Freeport-McMoRan Corp. said Tuesday it had net income of $692 million, or 47 cents a share, in the first quarter, up from $228 million, or 16 cents a share, in the year-earlier period. Adjusted per-share earnings came to 46 cents, below the FactSet consensus of 56 cents. Revenue rose to $4.868 billion from $3.341 billion, also below the FactSet consensus of $4.947 billion. The copper and gold mining company said it is still in talks with Indonesian government to restore stability to its Grasberg operations, “and look forward to reaching a mutually positive resolution.” Shares fell 1% in premarket trade, but have gained 54% in the last 12 months, while the S&P 500 has gained 12%.

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