GREY:MLKKF - Post by User
Post by
jims101on Oct 05, 2008 5:00am
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Post# 15505502
OT, FCX support at 40 then 30
OT, FCX support at 40 then 30Pulled up some data on FCX and find on its chart that price is zeroing in on its 2006 lows of $40 with a total washout $30 as a possibility.
Much hinges on the freeing up of the commercial paper market and restoratoin of lending between banks...This problem seemingly is very slow to go away, more accurately, getting worse.
33% of FCX's Enterprise value is debt. Ten percent of their outstanding shares were short as of September.
https://finance.yahoo.com/q/ks?s=FCX
Estimates for their earnings this year have fallen 20% in the last 90 days...If in the end correct for the year, the stock is selling at 5 tmes 2008 full year earnings..and less than four times 2009's lowered estimate.
https://finance.yahoo.com/q/ae?s=FCX
I'd venture to say that when the estimates for future earnings stop declining a bottom will have been made.
Better fortune in the base metals next week..