Phelps Dodge: SAC Capital's Stake Down

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In an amended 13D filing on Phelps Dodge (PD), SAC Capital disclosed a 4.1% stake (8.4 million shares) in the company. This is down from the 5.1% stake (10.3 million shares) the firm disclosed in a past filing.

SAC said:

"On January 20, 2007, option contracts on 1,778,000 shares of Common Stock held by certain of the Reporting Persons, which were previously reported, expired "out-of-the-money" pursuant to their terms. The Reporting Persons' have not changed their intention to vote against the proposed FCX transaction, as previously reported."