The Fed, elections, and OPEC
Freeport-McMoRan (FCX) closed at $11.15 on November 1, 2016, falling 0.27% from its previous day’s closing. October was decent for Freeport, with the company’s stock rising ~3% in the month.
3Q16 earnings release
Freeport released its 3Q16 earnings before the market opened on October 25, 2016. The company reported adjusted EPS (earnings per share) of $0.13. Analysts polled by Bloomberg expected the company to post adjusted EPS of $0.18 in the quarter.
Freeport also missed consensus revenue estimates. However, the market shrugged off Freeport’s earnings miss, and the stock managed to close with a rise of 3.6% after its 3Q16 earnings release. You can read Why the Markets Shrugged Off Freeport-McMoRan’s 3Q16 Earnings Miss to explore more about Freeport’s 3Q16 financial results.
November could be a happening month for Freeport investors, as the stock could witness some volatility. The US Federal Reserve’s meeting is scheduled for November 1 and 2. Furthermore, the US presidential election is scheduled for November 8. The election’s results could have a significant impact on the financial markets.
OPEC’s (Organization of the Petroleum Exporting Countries) annual meeting is scheduled for November 30, 2016, in Vienna, Austria. OPEC’s November meeting is expected to clarify how individual OPEC countries plan to cut production.
In this series, we’ll analyze how the above-mentioned events could impact Freeport in November. Let’s begin by exploring how the Federal Reserve’s actions could impact Freeport.