Mixed options sentiment in Freeport McMoRan (FCX), with shares up 22c, or 0.34%, near $63.09. Options volume roughly in line with average with 59k contracts traded and calls leading puts for a put/call ratio of 0.55, compared to a typical level near 0.49. Implied volatility (IV30) dropped 2.24 near 43.63,and above the 52wk median, suggesting an expected daily move of $1.73. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Market Perform at Bernstein.
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