Mining Company's Shares Rebound After Announcing Cost-Cutting Plan
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Investors punished Freeport-McMoRan Inc. for failing to react to plunging metal prices when reporting quarterly results last week. Now its attempt to catch-up is being rewarded.
The stock surged as much as 12 percent Tuesday, the biggest intraday gain in six years and the most among competitors tracked by Bloomberg, after the Phoenix, Arizona-based miner promised a sweeping operational review. In the prior three days Freeport lost 25 percent, the worst performance among peers.