Monday Trending Stocks: Monsanto Company, LendingClub, Tribune Publishing and More

Freeport-McMoRan Withdraws IPO Plan for Oil and Gas Business

Freeport-McMoRan Inc (NYSE:FCX)’s stock is trading slightly in the red today after the company announced that it will abandon its plan to take its oil and gas business public. Two weeks ago, the Phoenix-based mining company said it would sell its stake in the African copper operation to China Molybdenum Co. in order to lighten its burgeoning debt load. The decision came after the company was pressured by its shareholders, including activist billionaire Carl Icahn, to cut its debt and spending. Oil and gas business of Freeport-McMoRan has been hit hard by the declining commodity prices and the company recently has announced that it would cut 25% of its oil and gas business workforce as part of its restructuring strategy. According to the last round of 13F filings, 37 funds from our database held stakes in Freeport-McMoRan Inc (NYSE:FCX), having amassed approximately $1 billion worth of shares. Carl Icahn reported holding 104 million shares in the latest 13F filing.

LendingClub Working With Jefferies

LendingClub Corp (NYSE:LC)’s shares have surged by more than 6% after a report from Reuters said that the company is working with Jefferies Group to find investors for loan funding.  The San Francisco-based company’s stock has slid by 40% since its CEO resigned following an internal investigation regarding $22 million issued in improper loan sale earlier this month. Last week, LendingClub’s acting CEO Scott Sanborn wrote an email to the company’s investors and assured them that the company is in a strong financial position with a “substantial amount of cash” and securities on its balance sheet. Among the funds that we track, 18 held shares of LendingClub Corp (NYSE:LC) at the end of March. Alexander Tamas’ VY Capital reported holding 4.4 million shares of the company as of the end of March.

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