Cramer Recommends Freeport McMoran (FCX)
Tonight on Mad Money Jim Cramer recommended Freeport McMoran Copper & Gold (NYSE: FCX). Freeport McMoran is a stock that I have been very bullish on for a long time. It has performed unbelievably well since the March lows, appreciating a whopping 200% in the last year. Cramer likes the stock as a continued play on copper and gold.
According to Google Finance, "The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, which contains single largest recoverable copper reserve and the single gold reserve of any mine; significant mining operations in North and South America, and the Tenke Fungurume development project in the Democratic Republic of Congo (DRC)."
How much higher can this stock go? Common sense would suggest that there will be a pullback at some point, but the momentum in this name is incredible. If commodity prices continue to soar on the back of the global growth trade and inflation fears, I think FCX could go higher.
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