market folly

Activist investor Carl Icahn has filed a 13D with the SEC regarding shares of Freeport McMoRan (FCX).  He's now the largest shareholder and owns 8.5% of the company with around 88 million shares.

This is a new stake for him as he didn't own any shares as of the end of the second quarter.  Shares of FCX were down as much as 65% for the year prior to Icahn revealing his stake.

We've recently highlighted other portfolio activity from Icahn here.

Per Google Finance, Freeport McMoRan is "a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. FCX has organized its operations into six primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines, and United States oil and gas operations. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, mining operations in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in North America. The Company is also engaged in operating copper conversion facilities located in North America, and a refinery, three rod mills and a specialty copper products facility. The Company’s Atlantic Copper smelts and refines copper concentrates and markets refined copper and precious metals in slimes."