Moderately bullish activity in Freeport McMoRan (FCX), with shares up 64c, or 1.6%, near $40.30. Options volume more than double the daily average with 132k contracts traded and calls leading puts for a put/call ratio of 0.17, compared to a typical level near 0.5. Implied volatility (IV30) is higher by 1.3 points near 44.82,in the top quartile of the past year, suggesting an expected daily move of $1.14. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at UBS.Looking ahead: Freeport McMoRan (FCX) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.
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