Moderately bullish activity in Freeport McMoRan (FCX), with shares up 42c, or 0.73%, near $57.34. Options volume relatively light with 3770 contracts traded and calls leading puts for a put/call ratio of 0.36, compared to a typical level near 0.78. Implied volatility (IV30) is higher by 0.5 points near 46.65,and above the 52wk median, suggesting an expected daily move of $1.69. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Equal Weight at Morgan Stanley.
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