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December 14, 2012 at 10:03 AM EST
Why Freeport-McMoRan Knows Exactly What It's Doing
Freeport-McMoRan (NYSE:FCX) has gotten a lot flak since announcing it would reenter the energy space after spending decades specializing in precious metals. But this doesn't mean the company is clueless. In fact Freeport might be so far ahead of the game that no one can recognize the significance of what it's doing. Shares of the leading gold and copper producer dropped 17% last Wednesday driven by the company's acquisition of two US-based oil and gas producers McMoRan Exploration Co. (NYSE:MMR) and Plains Exploration and Production Company (NYSE:PXP).   Considering that FCX’s pre-acquisition assets are wholly centered around precious metal extraction -- ...
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