10 Stocks Hit by Painful Plunge

6. Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoran dropped its share prices for a third consecutive day on Wednesday, shedding 9.46 percent to close at $39.14 apiece as investors sold off positions following President Donald Trump’s imposition of 50 percent tariffs on copper imports.

Effective Friday, August 1, the US will slap a 50-percent levy on copper import products such as copper pipes, wires, rods, sheets, and tubes, as well as copper-intensive derivative products such as pipe fittings, cables, connectors, and electrical components.

Trump said that the imposition was aimed at addressing the effects of copper imports on America’s national security.

While headquartered in the US, Freeport-McMoRan Inc. (NYSE:FCX) was not spared from the new policies, having two mining sites in Peru and Chile, and one in Indonesia.

In other news, Freeport-McMoRan Inc. (NYSE:FCX) saw its net income attributable to shareholders increase by 25 percent in the second quarter of the year, to $772 million from $616 million in the same period last year.

Revenues increased by 14 percent to $772 million from $616 million year-on-year.