Freeport-McMoran Hitting New Lows (FCX)

The sell-off in materials today is getting extremely ugly, despite what the major averages may be saying. Currently, Freeport-McMoran FCX has just taken another leg down and is sitting at new intra-day lows. The stock has lost 3.55% to $48.33 during Wednesday's trading session. This name has been hammered over the last month, losing more than 10%, despite a flat broader market. Freeport is now trading significantly off of its 52-week high of $61.35 and may be signaling that there are cracks in this market, as it had been a long time leader.

Freeport-McMoRan Copper & Gold Inc. (FCX), through its wholly owned subsidiary, Phelps Dodge Corporation (Phelps Dodge) is a copper, gold and molybdenum mining company.