Diamonds and Dogs
Commodities continue their swoon. Freeport-McMoRan (FCX) is the dog once again falling 4% as the price of copper dropped 3% today. To add insult to injury, S&P revised the miner's outlook to negative, citing lower copper prices would increase the company's heavy debt leverage. This has not been a good year for Freeport or any of the other commodity/energy names.
Not many stocks up today, but Micron (MU) rose over 1% as the chip industry has started to show a little life. No news on Micron, but a small rival Pericom Semi (PSEM) was acquired earlier in the week. Today Barron's made positive comments on Intel saying the stock has 25% upside in the coming year.