Freeport-McMoRan Inc (NYSE:FCX) is down 2% in pre-market trading this morning following uncertainties regarding the state of its mine in Indonesia. According to the Wall Street Journal, CEO Mr. Moffet’s resignation from the company on Monday could hinder negotiations in the country as the company looks to resume its current contract for another 20 years. Moffett was the “the important thing connector” between the company and Indonesian officials, and analysts are skeptical about the effect his resignation will have on relations and renegotiations. According to TipRanks’ statistics, out of the 4 analysts who have rated the company in the past 3 months, 1 gave a Buy rating while 3 remain on the sidelines. The average 12-month price target for the stock is $10.67, marking a 53% upside from where shares last closed.
Fairchild Semiconductor Intl Inc (NASDAQ:FCS) is up over 3% in pre-market trading this morning after the company announced it received an offer of $2.46 billion to buy its business, greater than its current deal with ON Semiconductor, from an undisclosed source. The company’s board of directors is currently reviewing the new offer but has not changed its stance on ON Semiconductor. According to TipRanks’ statistics, out of the 4 analysts who have rated the company in the past 3 months, 1 gave a Buy rating while 3 remain on the sidelines. The average 12-month price target for the stock is $18.33, marking an 8% downside from where shares last closed.
Seadrill Ltd (NYSE:SDRL) fell over 3% in pre-market trading after The American Petroleum Institute released data showing that the supply glut of oil is due to increase. The group estimates that that U.S. crude supply increased by 2.9 million barrels last week, despite the expectation for a decrease. Rising oil inventories have plagued the oil industry for well over a year now, leaving oil investors analysts and investors wondering when the tide will turn. According to TipRanks, both analysts who have weighed in on SeaDrill in the last 3 months are bearish on the company.