It's been an ugly two days for Freeport McMoRan (FCX -4.2%), which has lost $7.1B in value since...

|By:, SA News Editor

It's been an ugly two days for Freeport McMoRan (FCX -4.2%), which has lost $7.1B in value since news of its two big oil deals, more than the $6.9B it's paying for Plains Exploration. Shares have skidded 21% to just under $31 each. Although Oracle Research issues an afternoon upgrade, downgrades rule the day. On Nov. 30, FCX’s consensus target price was $48.83; today it’s at $42.76.