Moderately bullish activity in Freeport McMoRan (FCX), with shares up 24c, or 0.56%, near $41.95. Options volume relatively light with 21k contracts traded and calls leading puts for a put/call ratio of 0.66, compared to a typical level near 0.43. Implied volatility (IV30) is higher by 1.1 points near 50.44, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.33. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Freeport McMoRan (FCX) will report earnings before the open on 2025-10-23.Option markets are pricing in a 50% probability of a move greater than 3.03% or $1.27.
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