Unusual Options Activity Fri 1/31/25

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity

• CELH Weekly Jan31 27 calls (volume: 6.6K, open int: 8.0K, implied vol: ~79%, prev day implied vol: 62%). We noted activity in the weekly Jan31 26 calls earlier this week (See 1/29 13:39 OPTNX). Co is expected to report earnings late February.
• CVNA Weekly Jan31 260 calls (volume: 13.3K, open int: 1.4K, implied vol: ~75%, prev day implied vol: 69%). 1,2K traded in a single transaction. Co is confirmed to report earnings February 19 after the close.
• FCX Weekly Feb07 38 calls (volume: 14.6K, open int: 5.5K, implied vol: ~35%, prev day implied vol: 32%). 5.2K traded in a single transaction. Stock was downgraded to Hold from Buy at Argus.  Co is expected to report earnings mid-April.
  

Bearish Put Activity

• LYFT Weekly Jan31 13.5 puts (volume: 8.3K, open int: 11.6K, implied vol: ~87%, prev day implied vol: 59%). Co is confirmed to report earnings February 11 after the close.
• F Weekly Jan31 10 puts (volume: 11.5K, open int: 35.8K, implied vol: ~42%, prev day implied vol: 36%). Co is confirmed to report earnings February 5 after the close.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.69, VIX: (14.94, -0.90, -5.7%).
February 20 is options expiration -- the last day to trade February equity options.

-=Freeport-McMoRan (FCX) reported earnings on Thur 24 Jan 2019 (b/o)

Freeport-McMoRan misses by $0.08, misses on revs; guides FY19 sales with copper down 13%, gold down 67%

• Reports Q4 (Dec) earnings of $0.11 per share, excluding non-recurring items, $0.08 worse than the S&P Capital IQ Consensus of $0.19; revenues fell 26.9% year/year to $3.68 bln vs the $3.86 bln S&P Capital IQ Consensus. Consolidated sales totaled 785 million pounds of copper, 266 thousand ounces of gold and 24 million pounds of molybdenum in fourth-quarter 2018, and 3.8 billion pounds of copper, 2.4 million ounces of gold and 94 million pounds of molybdenum for the year 2018. Fourth-quarter 2018 consolidated copper and gold sales were lower than consolidated production of 841 million pounds of copper and 334 thousand ounces of gold because of timing of shipments.
• Consolidated sales for the year 2019, which reflects a transition year, are expected to approximate 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 0.8 billion pounds of copper, 255 thousand ounces of gold and 24 million pounds of molybdenum in first-quarter 2019. 
• As PT-FI transitions mining from the open pit to underground, its production is expected to be significantly lower in 2019 and 2020, compared to 2018. Metal production is expected to improve significantly by 2021 following a ramp-up period.
• Preliminary estimated consolidated recoverable proven and probable reserves at December 31, 2018, totaled 119.6 billion pounds of copper, 30.8 million ounces of gold and 3.78 billion pounds of molybdenum, which includes net additions of 23.7 billion pounds of copper primarily in North America and South America, and 13.0 billion pounds of copper and 10.1 million ounces of gold related to PT-FI's acquisition of the Joint Venture interest.

Earnings this week : Jan 21 - 25, 19 (wk 4)

Earnings confirmed to report this week:

Monday (Jan 21)    

• Market closed for Martin Luther King Jr. Day

Tuesday (Jan 22)

• Morning: ATI FITB GATX HAL HMST JNJ LOGI EDU PETS PLD SWK TRV
• Afternoon: AMTD CNMD COF FMBI HOPE IBKR IBM LRN LTXB NAVI RNST SFNC TBK UCBI WTFC ZION

Wednesday (Jan 23)

• Morning:  ABT APH ASML BKU BPOP CBU CMCSA HZO KMB NTRS PG PGR RES ROL SYF TDY TEL UTX WAT
• Afternoon:  ADTN AZPN BGG BXS CATY CCI CMRE CNS CP CTXS CVBF F FFBC FFIV HXL LRCX  LVS NXGN PTC RJF SLG SLM STL TCBI TER TRMK TXN UMPQ URI VAR XLNX

Thursday (Jan 24)

• Morning:  AAL AEP AIT AVX BANC BMY COLB DLX EWBC FCX GWW HBAN ISCA JBLU LUV MKC MMYT ORI RCI STM TAL TXT UNP VIVO WBS
• Afternoon: ALK ASB AVT CUBI DFS  ETFC FHB FII HTH INTC ISRG NBHC NSC OSIS RMD SBCF SBUX SIVB WAL WDC

Friday (Jan 25)

• Morning: ABBV ABCB APD CL DHI ERIC HRC IBKC LEA MOG.A NEE

-=Freeport-McMoRan (FCX) reported earnings on Tue 24 Apr 2018 (b/o)

Freeport-McMoRan misses by $0.10, misses on revs 

• Reports Q1 (Mar) earnings of $0.46 per share, excluding non-recurring items, $0.10 worse thanthe Capital IQ Consensus of $0.56; revenues rose 45.7% year/year to $4.87 bln vs the $4.92 bln Capital IQ Consensus.
• Average realized prices for Q1: $3.11 per pound for copper, $1,312 per ounce for gold and $11.95 per pound for molybdenum.
• 2018 Outlook: Sales are expected to approximate 3.8 billion pounds of copper, 2.4 million ounces of gold and 95 million pounds of molybdenum, including 970 million pounds of copper, 700 thousand ounces of gold and 24 million pounds of molybdenum for Q2. 

=Freeport-McMoRan (FCX) reported earnings on Thur 25 Jan 2018 (BMO)

Freeport-McMoRan beats by $0.01, beats on revs; Operating Cash Flow higher than expected; Guides for FY18 operating cash flows, CapEx; Provides update on Indonesia 

• Reports Q4 (Dec) earnings of $0.51 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.50; revenues rose 15.2% year/year to $5.04 bln vs the $4.89 bln Capital IQ Consensus.
• Average unit net cash costs for fourth-quarter 2017 were $1.04 per pound of copper and $1.20 per pound for the year 2017. Unit net cash costs are expected to average $0.97 per pound of copper for the year 2018.
• Operating cash flows totaled $1.7 billion for fourth-quarter 2017 and $4.7 billion for the year 2017 (Guidance $4.3 bln). Operating cash flows for the year 2018 are expected to exceed $5.8 billion.
• Capital expenditures for fourth-quarter 2017 totaled $390 million and $1.4 billion for the year 2017 (Guidance was $1.4 bln). Capital expenditures for the year 2018 are expected to approximate $2.1 billion.
• At December 31, 2017, consolidated cash totaled $4.4 billion and consolidated debt totaled $13.1 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at December 31, 2017.

Indonesia Update

• FCX is engaged in discussions with Inalum and PT-FI's joint venture partner regarding potential arrangements that would result in the Inalum consortium acquiring interests that would meet the Indonesian government's 51 percent ownership objective in a manner satisfactory to all parties, and in a structure that would provide for continuity of FCX's management of PT-FI's operations and governance of the business. The parties continue to negotiate documentation on a comprehensive agreement for PT-FI's extended operations and to reach agreement on timing, process and governance matters relating to the divestment.
• The parties have a mutual objective of completing negotiations and the required documentation during the first half of 2018.
• In December 2017, the Indonesian government extended PT-FI's temporary IUPK to June 30, 2018, and PT-FI is seeking an extension of its export license which currently expires on February 16, 2018, to enable normal operations to continue during the negotiation period.
• Until a definitive agreement is reached, PT-FI has reserved all rights under its Contract of Work (COW). Operating and Development Activities. PT-FI is currently mining the final phase of the Grasberg open pit, which contains high copper and gold ore grades. PT-FI expects to mine high-grade ore over the next several quarters prior to transitioning to the Grasberg Block Cave underground mine in the first half of 2019. 

=Freeport-McMoRan (FCX) reported earnings on Tue 25 Apr 2017 (b/o)

PHOENIX (AP) -- Freeport-McMoRan Inc. (FCX) on Tuesday reported first-quarter net income of $228 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Phoenix-based company said it had net income of 16 cents. Earnings, adjusted to account for discontinued operations, came to 15 cents per share.

The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.

The mining company posted revenue of $3.34 billion in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $3.51 billion.

Freeport-McMoRan shares have decreased slightly more than 7 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6 percent.

=Freeport-McMoRan (FCX) reported earnings on Wed 25 Jan 2017 (b/o)

Freeport-McMoRan misses by $0.08, reports revs in-line; provides update on debt reduction plan, debt cut by $8.4 bln in 2016  :

• Reports Q4 (Dec) earnings of $0.25 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus of $0.33; revenues rose 24.5% year/year to $4.38 bln vs the $4.34 bln Capital IQ Consensus.
• During Q4, co completed $5.2 bln in asset sale transactions, including the sale of its interest in TF Holdings, through which FCX held an interest in the Tenke mine, and the sales of the Deepwater Gulf of Mexico and onshore California oil and gas properties. During 2016, FCX completed its asset divestment program, which generated $6.6 billion in aggregate proceeds.
• During 2016, FCX took actions to restore its balance sheet strength through a combination of asset sale transactions, cash flow from operations and capital market transactions. During the year, FCX completed $6.6 bln in asset sale transactions and $1.5 billion in ATM sales of its common stock. Consolidated debt, net of cash, was reduced by $8.4 bln during the year.
• At year end, consolidated debt totaled $16.0 billion and consolidated cash totaled $4.2 billion, compared with consolidated debt of $20.3 billion and consolidated cash of $177 million at December 31, 2015. FCX had no borrowings and $3.5 billion available under its $3.5 billion revolving credit facility at year-end 2016.
• Capital expenditures totaled $504 mln in Q4 (including $405 mln for mining operations). For all of 2016, it was $2.8 bln (including $1.6 bln for mining operations). Cap-ex for 2017 is expected to approximate $1.8 bln.

=Freeport-McMoRan (FCX) reported earnings on Tue 26 Jul 2016 (b/o)

Freeport-McMoRan misses by $0.01, misses on revs; Announces $1.5 bln common stock offering, Lowers Operating Cash Flow guidance, Lowers CapEx Guidance  :

• Reports Q2 (Jun) loss of $0.02 per share, excluding non-recurring items,$0.01 worse than the Capital IQ Consensus of ($0.01); revenues fell 15.3% year/year to $3.33 bln vs the $3.68 bln Capital IQ Consensus.
  • Average realized prices were $2.18 per pound of copper, $1,292 per ounce for gold and $41.10 per barrel for oil for second-quarter 2016. Average unit net cash costs were $1.33 per pound of copper for mining operations and $15.00 per barrel of oil equivalents (BOE) for oil and gas operations for second-quarter 2016.
  • Unit net cash costs for the year 2016 are expected to average $1.06 per pound of copper for mining operations (including Tenke) and $15.50 per BOE for oil and gas operations.
• Operating cash flows totaled $874 million for second-quarter 2016. Operating cash flows for the year 2016 are expected to approximate $4.5 billion compared to prior guidance of $4.8 bln (including $0.7 billion in working capital sources and changes in other tax payments).