Base metals and precious metals recovered on July 26
On Tuesday, July 26, the stocks related to base metals and precious metals recovered because of the stability in the price of the respective metals. At 3:15 PM EDT, the PowerShares DB Base Metals ETF (DBB) declined by ~0.88%. The SPDR S&P Metals & Mining ETF (XME) gained ~5.5%. The SPDR Gold Shares ETF (GLD) gained ~0.44%.
Freeport announces weaker-than-expected results
Freeport-McMoRan (FCX), one of the largest copper miners, announced its second quarter results on Tuesday, July 26. According to Freeport, it incurred a loss of $479 million, which is equivalent to $0.38 per share in 2Q16.
Freeport also reported that its revenue declined by 15.3% to ~$3.3 billion. Freeport also announced its plans to accelerate its debt reduction by issuing $1.5 billion worth of shares. In the second quarter, Freeport decreased its debt by ~$1.5 billion to ~$19.3 billion.
Since the beginning of 2016, Freeport has gained more than ~80%. At 11:40 AM EDT on Tuesday, July 26, Freeport was trading at $12.27, a drop of ~0.89%.
Top five performers in the gold industry
Bottom five performers in gold industry
Below are the bottom five companies in the gold industry on Tuesday, July 26, at 3:40 PM EDT.