RBC Downgrades Freeport-McMoRan (FCX) to Sector Perform

RBC Capital downgrades Freeport-McMoRan Copper & Gold (NYSE: FCX) from Outperform to Sector Perform.

The downgrade comes just one day after shares of Freeport-McMoRan hit a new 52-week low at $30.03. The stock has not been at this level since early 2005. Since hitting a new 52-week high at $127.24 earlier this year, shares of Freeport have fallen more than 75%, but most of these losses have taken place in September and October, when the stock is down about 63%.

Freeport is indicated to open about 1.6% lower and most recently traded at $32.86.

Freeport-McMoRan Copper & Gold, Inc. engages in the exploration, mining, and production of mineral properties primarily in Indonesia, North America, South America, and Africa.

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