Freeport downgraded as analysts question shift into energy, stock slips

Shares of Freeport-McMoRan Copper & Gold Inc (FCX.N) fell further on Thursday, a day after it said it had struck deals to expand into energy by acquiring Plains Exploration & Production Co (PXP.N) and McMoRan Exploration Co (MMR.N) for $9 billion, and at least four analysts downgraded the miner's stock.

The transactions, valued at $19.6 billion including debt, were lambasted by investors and analysts alike as being unnecessary and a distraction from Freeport's copper business.

Freeport shares fell 5 percent to a 15-month low of $30.58 in morning trade before recovering slightly. The stock fell 15 percent on Wednesday after the announcement of the deals.

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- Posted: 2012-12-06 14:26:38

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