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After being placed on a PIP, he 'quiet quit' for 3 months before leaving in January. Within a couple of weeks I was assigned another project, which turned out to be the worst project I've ever worked on. I started warning leadership and my peers that it wasn't going to get doneI told them we needed way more resources if we were going to do it right. That harmed me as a director — I essentially became a really expensive business analyst who wasn't making any money for the firm. After being placed on my PIP, I realized this wasn't the job for me, but I needed to ride it out to make ends meet.
Persons: John Garvens, I've, , Michael Phelps, — I'd, I'd, I'm Organizations: Service Locations: Wall, Silicon, Freeport , Illinois, Revenue,
Copper miner Freeport-McMoRan reports cybersecurity incident
  + stars: | 2023-08-11 | by ( ) www.reuters.com   time to read: 1 min
Aug 11 (Reuters) - Freeport-McMoRan Inc (FCX.N) said on Friday it was investigating a cybersecurity incident affecting the copper miner's information systems. Its shares fell 1.6% to $41.69. The company said the incident's impact has been limited and warned that a prolonged disruption could impact future operations. "Transitional solutions are being planned and implemented to secure information systems as quickly as possible," it added. Reporting by Arshreet Singh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Arshreet Singh, Devika Organizations: McMoRan, Thomson Locations: Freeport, Bengaluru
Chasing the market higher is a bad idea right now, and investors should turn to safe-haven sectors instead, investor Sarat Sethi warned. "I think as an equity investor, one needs to be really careful here and not chase some of these rallies, especially for stocks that are looking for lower discount rates." Stocks rose on the back of the data, with the Dow Jones Industrial Average trading more than 400 points higher at its session peak. Haleon and pharmaceutical giant Johnson & Johnson were also mentioned by Sethi. Johnson & Johnson is down 2% in 2023 but has risen more than 3% in August.
Persons: Sarat Sethi, Sethi, Dow Jones, Freeport's, Johnson Organizations: Reserve, Dow Jones Industrial, Johnson, GSK, Janssen Pharmaceuticals, Food and Drug Administration Locations: Freeport, McMoRan
Aluminum ended July on a high note and there are several stocks that could benefit from the recent strength in the metal and prove opportunities for investors. Aluminum futures capped July with a 2.72% monthly gain, the most since January and their second-straight monthly advance. CNBC Pro found 11 stocks using data from Refinitiv that tend to move with aluminum prices. Each one is a member of the Russell 1000 and has a 50-day correlation coefficient of at least 0.4, which indicates at least a moderate correlation. Further down the list are stocks with more moderate correlations to aluminum: chipmaker Texas Instruments , Domino's Pizza , Align Technology and Korean e-commerce retailer Coupang .
Persons: Bill Peterson, Russell, It's, — CNBC's Michael Bloom, Gina Francolla Organizations: JPMorgan, CNBC Pro, Southern Copper Corporation, Air Products, Chemicals, Jefferies, Texas, Technology, Coupang, New York Stock Exchange, Intercontinental Exchange, Cboe, KKR Locations: China, Freeport, McMoRan, Korean
For Biden, Trump’s third indictment is undoubtedly the most personal. The White House declined to comment on Trump’s indictment Tuesday, referring questions to the Department of Justice. The White House learned of the indictment through media reports, a White House official said, as was the case with past indictments. After Trump was indicted in June, Biden was repeatedly pressed for comment on the historic first federal indictment of a former president. Ahead of Trump’s indictment Tuesday, a Biden campaign official said the campaign once again did not intend to fundraise off a Trump indictment, determining that the risks of fundraising off the indictment – which would feed Republican attacks of a politicized prosecution – outweighed the potential benefits.
Persons: Joe Biden, Donald Trump’s, He’s, Trump, Jack Smith, , Biden, Department’s, Trump’s, , , Ian Sams, General Merrick, Garland, MSNBC’s Nicolle Wallace, Jill Biden, The Biden, ” Biden, Julie Chavez Rodriguez, they’re, Trump “, headwinds Biden Organizations: CNN, Mar, Biden, Trump, Capitol, Department of Justice, Justice Department, White, White House, aren’t, The, New York Times Locations: Maine, Freeport, Delaware, Siena, American
The list includes material companies that mine the mineral, including Southern Copper Corp. and Freeport-McMoRan . Shares of Southern Copper jumped nearly 22% last month, while Freeport-McMoRan gained 11.6%. There are some other stocks on the list that have a less obvious exposure to copper, such as financial stocks Invesco and KKR . The metal often referred to as "Doctor Copper" is seen as a leading economic indicator, and financial stocks are cyclical plays. Financial stocks and copper rising could be a sign that business leaders and investors are growing more confident about the economy.
Persons: Russell Organizations: HG, Southern Copper Corp, Southern Copper, Copper Miners, KKR Locations: Freeport, McMoRan
REUTERS/Richard CarsonWASHINGTON, Aug 1 (Reuters) - The Biden administration has pulled an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve, an Energy Department spokesperson said on Tuesday, as oil prices are expected to keep rising after a output cut from Saudi Arabia. The U.S. made the latest solicitation to buy the sour crude oil for the SPR on July 7. After the administration released a record 180 million barrels from the reserve last year to control prices after Russia's invasion of Ukraine, the Energy Department has bought back 6.3 million barrels in recent months. The person not specify what that meant, but tight oil supplies that have caused global oil prices to rise above $80 per barrel in recent weeks. The American Petroleum Institute indicated on Tuesday that U.S. crude stocks fell about 15.4 million barrels in the week that ended July 28, sources said.
Persons: Richard Carson WASHINGTON, Biden, Timothy Gardner, Leslie Adler, Cynthia Osterman, Gerry Doyle Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, Energy Department, American Petroleum Institute, Thomson Locations: Freeport , Texas, U.S, Saudi Arabia, Ukraine
FREEPORT, Maine, July 28 (Reuters) - U.S. President Joe Biden said on Friday a deal may be on the way with Saudi Arabia after talks that his national security adviser had with Saudi officials in Jeddah aimed at reaching a normalization in relations between Saudi Arabia and Israel. "There’s a rapprochement maybe under way," Biden told contributors to his 2024 re-election campaign at an event in Freeport, Maine. Biden did not give details about the possible deal. New York Times columnist Thomas Friedman, in a piece published on Thursday, said Biden was considering whether to pursue a U.S.-Saudi mutual security pact that would involve Saudi Arabia normalizing relations with Israel. U.S. officials see a potential deal between Israel and Saudi Arabia as possible after the administration of former President Donald Trump reached similar agreements between Israel and Morocco, Sudan, Bahrain and the United Arab Emirates.
Persons: Joe Biden, Biden, Thomas Friedman, Jake Sullivan, Brett McGurk, Donald Trump, Trevor Hunnicutt, Steve Holland, Dan Whitcomb, Grant McCool Organizations: Saudi, New York Times, White House, Middle East, White, United, United Arab Emirates, Thomson Locations: FREEPORT, Maine, Saudi Arabia, Jeddah, Israel, Freeport , Maine, U.S, Saudi, White, Morocco, Sudan, Bahrain, United Arab
CNN —President Joe Biden swiped at renewed impeachment talk by top Republicans as he sold his agenda in Maine on Friday, suggesting his economic record was a threat to opponents. House Speaker Kevin McCarthy this week escalated talk of launching an impeachment inquiry into Biden and his family’s business dealings, prompting some backlash from moderate Republicans. The White House has dismissed the prospect, suggesting the president was focused on his economic agenda and not threats from Republicans. The White House said the state lost more than 42,000 manufacturing jobs between 1990 and January 2021. The visit comes after a week of positive economic news the White House says is the result of the president’s decision-making.
Persons: Joe Biden swiped, , ” Biden, Kevin McCarthy, Biden, McCarthy, , Congress who’ve, Republican Sen, Tommy Tuberville, I’d, they’ve, “ I’m, “ Bidenomics, It’s, Trump, Donald Trump, Kamala Harris Organizations: CNN, Republicans, Congress, Republican, Financial Times, Wall, White, Biden, University of Michigan, Capitol, Trump Locations: Maine, Auburn, Alabama, ” Maine, Freeport, he’s, Nebraska, Iowa, Des Moines
Johnson & Johnson Covid-19 vaccines are seen on a table on May 7, 2021 in Los Angeles, California. Johnson & Johnson —The stock jumped 6%, lifting the 30-stock Dow Jones Industrial Average, after the the health care posted second-quarter revenue and adjusted earnings that topped Wall Street's expectations. Johnson & Johnson also lifted its full-year guidance as sales from the company's medtech business jumped. Discover Financial Services — Shares tumbled 14% after the company's second-quarter results missed analysts' estimates on both top and bottom lines. MarketAxess — The electronic trading platform rallied 5.6% after releasing its second-quarter results.
Persons: Johnson, Johnson Covid, Tesla, Abbott, Zions, Estee Lauder, StreetAccount, , Yun Li, Jesse Pound, Samantha Subin, Michelle Fox Organizations: Netflix, Refinitiv, American Airlines –, American Airlines, IBM, Johnson, Dow Jones, Abbott, Discover Financial, Federal Deposit Insurance, Barclays Locations: Los Angeles , California, China, Freeport
Morning Bid: Tesla, Netflix underwhelm
  + stars: | 2023-07-20 | by ( ) www.reuters.com   time to read: +4 min
[1/2] A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. REUTERS/Thomas Peter/File PhotoA look at the day ahead in U.S. and global markets from Mike DolanAn overdue cold shower? July 20 (Reuters) - The first of the supercharged Big Tech firms to report in this earnings season - Tesla and Netflix - seemed to underwhelm markets overnight, cutting across the enthusiastic reception for big banks and knocking back bulled-up Wall St from 2023 highs. Although electric car giant Tesla (TSLA.O) comfortably beat second quarter profit forecasts, markets seized on plans for continued price discounting and squeezed margins as a reason to drag its shares down almost 4% in overnight trading. In the fixed income world, Treasury yields crept back higher ahead of next week's Federal Reserve meeting.
Persons: Thomas Peter, Mike Dolan, Dow Jones, McLennan, Philip Morris, WR, DR Horton, Janet Yellen, John Organizations: REUTERS, Big Tech, Netflix, Overseas, Citizens, US Bancorp, Energy, Healthcare, Abbott Laboratories, Johnson, Blackstone, Truist Financial, American Airlines, Marsh, WR Berkley, CSX, Philadelphia Federal Reserve, Treasury, Reuters Graphics Housing, Reuters Graphics Reuters, Thomson, Reuters Locations: Beijing, China, U.S, Russia, Britain, Newmont, Freeport, McMoRan, DR, Philadelphia, Turkey, South Africa, Vietnam
A lot was riding on these important measures of inflation after the scorching-hot ADP jobs report last week. Here are 3 things you need to know for the week ahead: 1. Industrial production and capacity utilization, also out Tuesday, shines a light on manufacturing, which attributes about 12% to U.S. GDP. Six months is generally considered to represent a balance between supply and demand in the housing market. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Stocks, Morgan Stanley, Johnson, Jeff Miller, Lockheed Martin, Charles Schwab, JB Hunt, Goldman, Baker Hughes, Ally, Kinder Morgan, Zions, Philip Morris, Abbott, ABT, Jim Cramer's, Jim Cramer, Jim, Scott Olson Organizations: Nasdaq, Dow Jones Industrial, Housing, CPI, Halliburton, HAL, Johnson, of America Corp, Lockheed, Lockheed Martin Corp, Novartis International AG, PNC Financial Services Group, Inc, PNC, Charles Schwab Corp, Bank of New York Mellon Corporation, BK, Synchrony, Interactive, Goldman Sachs Group, U.S . Bancorp, ASML, Citizens Financial, T Bank Corp, Northern Trust Corporation, Horizon National Corp, Business Machines Corp, IBM, United Airlines, Netflix, Steel Dynamics, Alcoa, Discover Financial Services, Crown, International Corp, Equifax Inc, Las Vegas Sands Corp, Liberty Energy Inc, Philip Morris International Inc, Taiwan Semiconductor Manufacturing Company, American Airlines Group Inc, Travelers Companies, SAP, Nokia Corp, Truist Financial Corporation, Company, McLennan Companies, Infosys Technologies Ltd, Newmont Mining Corp, Fifth Third Bancorp, Pool Corporation, Alfa Laval, Webster Financial Corp, Blackstone, Financial Corp, PPG Industries, CSX Corp, CSX, Berkley Corp, Swift Transportation Holdings Inc, American Express Co, AutoNation Inc, Interpublic, of Companies, Autoliv Inc, Huntington Bancshares, Financial Corporation, Roper Technologies, Comerica, Jim Cramer's Charitable, CNBC, Getty Locations: U.S, Las, ZION, Horton, Freeport, Marsh, ALFVY, W.R, Lemont , Illinois
The concept store is called Coach Airways. The project took two years, and the store opened to the public earlier this month at the Freeport A'Famosa Outlet in Malaysia. Coach Airways at Freeport A’Famosa Outlet
Organizations: Airways, Coach Airways Locations: Freeport, Outlet, Malaysia
Following on the rebalancing of S & P indexes last week, on Friday the Russell indexes will do their annual rebalancing. FTSE Russell also has a vast suite of products indexed to benchmarks like the small-cap Russell 2000 , the large-cap Russell 1000 , and the Russell 1000 Growth and Value indexes. FTSE Russell estimates that about $12.1 trillion is currently benchmarked to the FTSE Russell indexes. On average, about 12% of the Russell 2000 (about 242 stocks) turns over every year since 2006, according to FTSE Russell. This year, about 15% of the Russell 2000 will turnover, and about 2% of the Russell 1000, according to Wells Fargo.
Persons: Russell, It's, Wells Fargo, Chris Harvey, Mike O'Rourke, Wells Fargo's Harvey Organizations: Russell, Technology, Apple, Microsoft, Nvidia, Investors, Netflix, Google, FTSE Russell, Jones, Amazon Locations: Wells Fargo, Freeport McMoRan .
On Thursday's "Ask Halftime," traders answered questions from CNBC Pro subscribers about which stocks, funds and sectors to buy, hold or sell. Bryn Talkington of Requisite Capital Management explained why she likes BHP , Rio Tinto , Freeport-McMoRan and Albemarle . Blue Line Futures' Bill Baruch owns Pioneer Natural Resources and breaks down why it's a good stock to hold. And, Jim Lebenthal of Cerity Partners talks about Oracle and why you can trim the holdings in the name after the stock's recent rally.
Persons: Bryn Talkington, Bill Baruch, Jim Lebenthal Organizations: CNBC Pro, Management, BHP, Blue, Natural Resources, Cerity Partners, Oracle Locations: Rio Tinto, Freeport, McMoRan, Albemarle
Michael Cuggino, the president and portfolio manager of the Permanent Portfolio Family of Funds, says the current economic situation is a tale of two sides. The firm has two fixed-income funds, an aggressive growth equities fund, and a diversified fund known as the Permanent Portfolio that has been around since 1982. Last year, the permanent portfolio fund outperformed 93% of similar funds, according to Morningstar data. So far this year, it has been the growth stocks that are benefiting. The top four signals he's keeping an eye on are, first, a rapid increase in the unemployment rate, which would hit consumer spending and permeate other parts of the economy.
Persons: Michael Cuggino, Cuggino, It's, it's Charles Schwab Organizations: Federal, Morningstar, Companies, BHP Group, Exxon, Chevron, Nvidia, Broadcom, Apple Locations: Freeport, McMoRan, Australia
At the same time, Codelco wants to boost its output of copper which has slumped to its lowest in a quarter-century. Some analysts have questioned whether the copper company with no experience as a lithium miner can tackle both challenges at once. But industry insiders told Reuters Codelco will probably focus its own resources on copper while negotiating contracts for lithium operations and letting other miners do the work. The sources said the lithium strategy was being led by executives including Jaime San Martin, manager of new business development, known by some within Codelco as "lithium man". "But I think lithium is an excellent opportunity for Codelco to help them navigate their very difficult copper situation."
Persons: Ivan Alvarado, SANTIAGO, Gabriel Boric, Codelco, Reuters Codelco, Albemarle, Jaime San Martin, Alejandro Rivera, Maximo Pacheco, Minera, SQM, Pacheco, Juan Carlos Guajardo, Plusmining, Guajardo, Andre Sougarret, Fabian Andrés Cambero, Alexander Villegas, Adam Jourdan, David Gregorio Our Organizations: REUTERS, Reuters, Tesla, BMW, Finance, Salares, Thomson Locations: Chile, Australia, Albemarle, Indonesia, Freeport, McMoRan, Chile's, Berlin, Beijing, Codelco, Santiago
Hedge funds and other money managers sold the equivalent of 21 million barrels of crude oil options and futures but purchased 18 million barrels of products, including 14 million of distillates, over the week ending on June 13. The biggest rotation has been from U.S. crude to European gas oil, reflecting the rise in crude inventories in the United States while stocks of distillates, used heavily in Europe, remain well below normal around the world. The most recent weekly increase in gas oil positions was the largest for almost two years since August 2021 and before that November 2020. Funds had already built a fairly sizeable position in U.S. diesel and now bullishness is starting to spill over into European gas oil. U.S. commercial crude oil inventories were 16 million barrels (+4% or +0.28 standard deviations) above the prior ten-year seasonal average on June 9.
Persons: , John Kemp, Kirsten Donovan Organizations: ICE, Funds, diesel, Saudi, Thomson, Reuters Locations: United States, Europe, NYMEX, U.S, Freeport LNG, Saudi
June 15 (Reuters) - Canadian miner First Quantum Minerals (FM.TO) has rejected an informal takeover offer from Barrick Gold (ABX.TO), Bloomberg News reported on Thursday, citing people familiar with the matter. Shares of copper miner First Quantum rose 12% following the news, while Barrick fell 2.7%. First Quantum did not immediately respond to a Reuters request for comment, while Barrick said the company does not comment on market speculation. Barrick Gold CEO Mark Bristow's had expressed his interest in copper giant Freeport-McMoran (FCX.N) in 2020, but a deal between the companies did not pan out. Reporting by Sourasis Bose in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Barrick, Mark Bristow's, Sourasis Bose, Devika Organizations: Minerals, Barrick Gold, Bloomberg, Barrick, Newmont Corp, Thomson Locations: Freeport, McMoran, Bengaluru
Biogen — Shares of the biotech stock dipped 2.8% after Biogen revamped its board of directors. Oracle — Shares rose 0.2% to an all-time high on the back of a strong earnings report for the fiscal fourth quarter. Oil stocks — Oil shares rose broadly as WTI crude gained following Monday losses. Chinese internet stocks, metals and mining stocks — Shares of Chinese internet companies and metals and mining stocks jumped Tuesday after the People's Bank of China cut a key short-term policy rate in an effort to stimulate a post-Covid recovery. Metals and mining stocks were also boosted by the news, with shares of Freeport-McMoRan and Steel Dynamics rallying 5.3% and 6%, respectively.
Persons: Susan Langer, Biogen, Refinitiv, Goldman Sachs, Morgan Stanley, Transocean, JD.com, , Samantha Subin, Sarah Min, Alexander Harring, Jesse Pound, С. Organizations: Biogen, Oracle, Revenue, Cruise Line Holdings, Bank of America, Royal, Urban Outfitters, Devon Energy, , VanEck Oil Services, Halliburton, People's Bank of, CSI China, Metals, Steel Dynamics Locations: China, Gu'an, Royal Caribbean, Devon, Salt Lake City, People's Bank of China, Freeport, McMoRan
Hedge funds and other money managers purchased the equivalent of 28 million barrels in the six most important petroleum futures and options contracts over the seven days ending on June 6. Funds bought Brent (+22 million barrels), U.S. diesel (+7 million) and European gas oil (+4 million) but sold NYMEX and ICE WTI (-2 million) and U.S. gasoline (-3 million). Portfolio investors are especially bearish about crude, with a net position of 269 million barrels (7th percentile) and a long-short ratio of 2.39:1 (14th percentile). The hedge fund community has become especially bearish about the outlook for European gas oil given indications the region is already in recession. Funds were net short by 12 million barrels (3rd percentile) with a long-short ratio of 0.73:1 (2nd percentile).
Persons: Saudi Arabia’s, WTI, , John Kemp, Alexander Smith Organizations: Investors, Funds, U.S ., ICE, Bloomberg, Thomson, Reuters Locations: Saudi, China, U.S, Riyadh, OPEC, Freeport
Over the same period, however, working gas inventories increased by 454 billion cubic feet compared with a prior 10-year average increase of 401 billion cubic feet. No progress was made eliminating excess inventories during the spring quarter. Freeport LNG's re-opened export terminal did not make a significant difference in depleting the excess inventories accumulated during the winter of 2022/23. Unless the summer is unusually hot, boosting gas consumption by electricity generators, excess inventories look set to persist for several more months. As a result, hedge funds and other money managers have been cautious about turning bullish on gas prices.
Persons: John Kemp, Paul Simao Organizations: Climate Prediction Center, CPC, Freeport LNG's, Thomson, Reuters Locations: United States, U.S, Ukraine
LONDON, June 5 (Reuters) - Portfolio investors had become increasingly bearish about the outlook for oil prices in the run up to the meeting of the extended OPEC⁺ group of oil exporters on June 3-4. The combined position had been reduced to 296 million barrels (7th percentile for all weeks since 2013) down from 534 million (39th percentile) six weeks earlier. Heavy sales of NYMEX and ICE WTI (-50 million barrels) more than offset significant buying of ICE Brent (+23 million). Hedge funds and other money managers sold the equivalent of 140 billion cubic feet over the seven days ending on May 30, according to regulatory data. The surplus was essentially unchanged from a surplus of +266 billion cubic feet (+15% or +0.61 standard deviations) in early March.
Persons: , John Kemp, David Evans Organizations: OPEC ⁺, ICE, U.S ., Investors, Thomson, Reuters Locations: OPEC, WTI, Saudi Arabia, U.S
First, I drove to Port Everglades to board. Port Everglades is in Hollywood, Florida. India AmosI left from Miami, and it took me nearly 40 minutes to drive to Port Everglades in Fort Lauderdale from Dade City. Around 7:00 a.m., I pulled into the Palm Parking Garage, which is right next to the terminal Baleària regularly uses. Within 20 minutes, I'd shown my passport, passed through security and the ticket gate, and was ready to board.
Persons: India Amos I, Baleària, I'd Locations: Hollywood , Florida, India, Miami, Port, Fort Lauderdale, Dade City, Freeport
Final Trades: Amazon, Freeport-McMoRan & Boeing
  + stars: | 2023-06-01 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Amazon, Freeport-McMoRan & BoeingThe "Halftime Report" traders give their top picks to watch for the second half.
Organizations: McMoRan, Boeing Locations: Freeport
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