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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (210)	6/13/2001 2:34:47 AM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Tuesday June 12, 12:00 pm Eastern Time RESEARCH ALERT-Goldman cuts Freeport-McMoran EPS NEW YORK, June 12 (Reuters) - Goldman Sachs said Tuesday it has lowered its 2001 earnings estimate for Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX - news) because of a copper smelter shutdown and lower copper prices. Analyst Daniel McConvey now expects the New Orleans-based company to earn 76 cents instead of 90 cents a share. He continues to rate the stock a market outperformer. Wall Street estimates for Freeport-McMoRan's annual earnings have ranged from 60 cents to $1.24 a share, with an average estimate of 97 cents, according to Thomson Financial/First Call. The stock was up 17 cents per share to $15.48 in early trade. McConvey said about 8 cents of the 14-cent earnings estimate reduction is due to costs associated with the planned shutdown of the Atlantic Copper smelter in Spain during late March. The rest is due to a drop in the expected second-quarter copper price to 77 cents a pound from 80 cents.