We recently published 10 Stocks Hit by Painful Plunge. Freeport-McMoRan Inc. is one of the best-performing stocks on Wednesday.
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.
Copyright: tomas1111 / 123RF Stock Photo
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. 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. 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.
