• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing
  3. / Basic Materials

Freeport-McMoRan Tops S&P on Rebound in Commodities and Crude

The natural resources giant continued its 2016 surge with another day at the crest of surge in crude oil and metal prices.
By JAMES PASSERI Mar 16, 2016 | 05:00 PM EDT
Stocks quotes in this article: FCX, DVN, SWN, MNK, VRX

Phoenix-based natural resources giant Freeport McMoRan (FCX) topped the S&P 500 Wednesday, as crude oil and precious metal prices increased across the board.

Freeport ticked up more than 10% on the day, continuing a two-month long upswing in which the shares have climbed about 174% since mid-January lows.

Gold and copper prices advanced 2.6% and 1.5%, respectively, Wednesday, while crude picked up 5.75% to $38.42 a barrel, based on U.S. benchmark West Texas Intermediate.

The jump in oil set off a familiar stock surge among oil and gas names Wednesday, with Southwestern Energy (SWN) and Devon Energy (DVN) each rising about 9%.

Meanwhile Mallinckrodt (MNK) finished last in the index Wednesday, as investors grow increasingly wary over the 2016 growth prospects for Big Pharma. Those concerns came to a head Tuesday, with Canadian drugmaker Valeant Pharmaceuticals' (VRX) revisions to its annual earnings projections causing shareholders to flee in droves -- taking more than half of the struggling company's market cap with them.

Mallinckrodt, which has recently come under fire from Citron Research activist short-seller Andrew Left, is under renewed stress as it must contend with a variety of new guidelines issued by the Centers for Disease Control and Prevention, Real Money's Carleton English said in a Wednesday report.

"In an effort to curtail opioid use disorder and overdose, the CDC released new recommendations on Tuesday for prescribing opioid medications, such as oxycodone and hydrocodone, for chronic pain," English wrote. While the majority of Dublin-based Mallinckrodt's revenue is derived from its branded drugs, sales of generic opioids accounted for 7% of its revenue in the fourth quarter of 2015."

Overall, the broader index ticked up 0.6% on the day, trailed by a modest 0.4% gain by the Dow Jones industrials.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are restricted from owning individual securities.

TAGS: Investing | U.S. Equity | Basic Materials

More from Basic Materials

Bunge and Agriculture ETFs Are Attached to the Same Cord

Bruce Kamich
Jul 8, 2022 8:45 AM EDT

Here's our outlook for shares of the agricultural company.

Commercial Metals Is Poised for an Upside Breakout

Bruce Kamich
Dec 28, 2021 11:45 AM EST

Let's review the charts and indicators.

Martin Marietta Looked Bullish Even Before Getting an Upgrade

Bruce Kamich
Dec 17, 2021 10:20 AM EST

Here's our updated trading strategy and price targets.

Masco Surges -- but Is It a Buy?

Bruce Kamich
Nov 16, 2021 1:39 PM EST

Traders and investors looking for a building products name to add to their portfolio could go long MAS around this level.

History Says Enthusiasm About Infrastructure Spending Should Be Tempered

Bret Jensen
Nov 10, 2021 8:30 AM EST

It could be a few years before construction projects that receive money from the latest federal infrastructure infusion get off the ground.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 02:23 PM EDT STEPHEN GUILFOYLE

    We're Cleaning Out This Retailer From the Bullpen

    Check out the latest moves in TheStreet's Stocks U...
  • 10:24 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    To Improve Your Trading and Investing, Spend More ...
  • 08:44 AM EDT PETER TCHIR

    CPI Beats Expectations, But Maybe Not the 'Whisper'?

    Slightly better-than-expected inflation across the...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login