Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) has seen its share price collapse 20%.
After a 20% decline in the stock price of FCX, value investors are beginning to look at it more seriously. The stock is now trading at a 10 P/E as well as a 2013 forward P/E of 7. In addition, technically the chart is coming into major support and likely at $29.00. That is where you Cop-A-Feel on this stock and enjoy every minute of it.
The Freeport-McMorRan acquisitions could be a very smart decision going forward if all the angles play out. First, it diversifies them nicely in their business arena. Second, Chinese economic data has finally started to improve. Should the world economy rebound, mining, copper plays could be the buy of the decade. Ultimately, it all will come down to how smoothly they can integrate these companies and start producing profits.
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