Freeport McMoRan (FCX) -2.5% premarket after receiving downgrades from at least a half-dozen...

|By:, SA News Editor

Freeport McMoRan (FCX) -2.5% premarket after receiving downgrades from at least a half-dozen firms, including Deutsche Bank, RBC, Goldman, Citi, Macquarie and BMO. The moves reflect investors' nasty mood that sank shares 16% yesterday following FCX's decision to engage in a diversification strategy that results in near-term earnings dilution and provides no apparent synergies.