Carl Icahn targets Freeport McMoRan
Carl Ichan is targeting the tortured Freeport McMoRan. Per his SEC filing, he owns 8.5% and is looking to have a conversation about capital expenditures, executive compensation practices and capital structure as well as curtailment of the Issuer's high-cost production operations. He may also look for board representation and to discuss the size and composition of the board. Icahn hasn't talked to management yet.
Commodities aren't for....well they aren't really for anyone these days. Generalist funds are getting hosed in commodity companies. The problem being that cost cuts are great, but you're not just working against the company, you're working against the broader commodity market. Managing factors within your control, like costs cuts, are hard enough. With commodity companies, you've got double the work on your hands.
Shares were up 28% in the regular session and close to 50% including after-market action.