Mixed options sentiment in Freeport McMoRan (FCX), with shares down 44c near $41.42. Options volume relatively light with 14k contracts traded and calls leading puts for a put/call ratio of 0.35, compared to a typical level near 0.55. Implied volatility (IV30) is higher by 0.9 points near 34.88,in the bottom quartile of the past year, suggesting an expected daily move of $0.91. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Overweight at Morgan Stanley.
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