Freeport-McMoRan Reverses, Gives Up Early Gains (FCX)

Materials company Freeport-McMoRan FCX has sacrificed nearly all its gains today after gapping higher at the open of trading. Shares finished yesterday's session at $61.48, but opened at $62.90 today. Shares traded as high as $63.89, up nearly 4%, in morning trading. Freeport opened higher on news that Chinese exports surged 50% year-over-year. The company is closely linked to global growth and China in particular, which is the largest metals consumer in the world. Shares have been trending lower since the morning high and are now up just 4 cents, or 0.07%, to $61.52. If materials companies like Freeport continue to decline, the message to be taken is that global industrial growth is slowing.