FCX Current Price $33.28 (April Expiration)
Buy 33 Call - $1.27
Sell 34 Call - $.79
Sell 31 Put - $.47
a) You will pay $.01 to initiate this spread
b) You can participate in the upside from $33.01 to $34
c) You will not experience a loss in this trade unless FCX falls below $31
d) This method will only lose $.01 even if the shares fall to $31.01, whereas owning the stock will produce a loss from $33.28 all the way down to that point.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.