Moderately bullish activity in Freeport McMoRan (FCX), with shares up 32c, or 0.73%, near $44.91. Options volume relatively light with 37k contracts traded and calls leading puts for a put/call ratio of 0.3, compared to a typical level near 0.5. Implied volatility (IV30) is higher by 0.0 points near 34.29,in the bottom quartile of the past year, suggesting an expected daily move of $0.97. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Hold at HSBC.
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