Freeport-McMoRan Inc FCX shares are trading lower by $0.70 (4 percent) at $16.32 in Wednesday's session. At this time, investors are putting more emphasis on its Q4 EPS miss of $0.07 as opposed to its $236 million revenue beat.
The issue, which reached its highest level since July 2015 ($17.06) in Tuesday's session, is finding some profit takers in today's session. It should be noted the issue ended 2016 at $13.19.
After a lower open, it continued in that direction until it bottomed at $15.91 and began to rebound. That low was just $0.20 under Tuesday's low of $16.11.
Since making the low, it has rebounded back to make a new high at $16.65 but has drifted back to mid-range for the day.
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