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Why Shares of Freeport-McMoRan Plummeted 18.5% in April

Why Shares of Freeport-McMoRan Plummeted 18.5% in April

Rising more than 19% through the first three months of 2022, shares of Freeport-McMoRan (NYSE: FCX) gave copper investors a lot of reasons to smile. While the S&P 500 tumbled 8.8% last month, shares of Freeport-McMoRan fell 18.5%, according to data from S&P Global Market Intelligence. In addition to the overall pessimism sweeping through the markets, investors clicked the sell button in response to management's report of a less auspicious forecast for 2022 and 2023 as well as unfavorable sentiment from Wall Street.