Freeport-McMoRan Inc. (NYSE: FCX) dropped about 10.8% on Friday to post a new 52-week low of $12.17 after closing at $13.64 on Thursday. The stock’s 52-week high is $38.26. Share volume totaled around 43 million shares, about two and a half times the daily average of around 17 million. Low copper prices, low gold prices, and yesterday’s poor results all add up to sad news for the company.
Vale SA (NYSE: VALE) dropped about 6% on Friday to post a new 52-week low at $4.96 after closing at $5.28 on Thursday. The stock’s 52-week high is $14.93. Share volume totaled more than 32 million, approaching the daily average of about 35 million. The company’s share price tumbled below $5 a share for the first time in 10 years.
Sprint Corp. (NYSE: S) posted a new 52-week low on Friday. Shares dropped about 11.4% to a low of $3.25 from Thursday’s closing price of $3.67. The stock’s 52-week high is $8.20. Volume totaled around 33 million shares, nearly double the stock’s daily average of around 17 million. The company got slapped with a price target cut to $3 a share yesterday from analysts at Jefferies.
Barrick Gold Corp. (NYSE: ABX) dropped about 4% on Friday to post a new 52-week low of $6.79 against a 52-week high of $19.36. The stock closed at $7.07 on Thursday night. Volume totaled nearly 33 million shares, about two and a half times the daily average of around 13 million shares traded. It’s not a good time to be a gold miner, and that’s the whole story for Barrick and its peers. See Freeport-McMoRan, above, more more evidence.
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