Morgan Stanley and Bank of America Kick Off The Earnings Season, While AIG, Yahoo!, and Freeport-McMoRan Grab Headlines

Shares of Freeport-McMoRan Inc (NYSE:FCX) are down by more than 7%, after the head of the company’s Indonesian business resigned on Monday. After a nine-year stint with the company, Mr. Maroef Sjamsoeddin resigned for personal reasons according to Freeport’s CEO, Richard Adkerson, who is to assume the interim position. With the company currently in the midst of negotiations with the Indonesian government to extend its contract, the departure of Sjamsoeddin has set investors aback. Only a month ago, James R. Moffett, a key figure in the company’s management and an important link between the company and its Indonesian business also surprised investors with a sudden resignation.

At the end of September, approximately 14% of Freeport-McMoRan Inc (NYSE:FCX)’s common stock was held by 44 top funds, up from 41 at the end of the second quarter. Rob Citrone and Carl Icahn both initiated positions in the stock during the quarter, with their funds reporting ownership of 17.1 million shares and 100 million shares respectively.

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