McMoRan Exploration Co
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The oil and gas revolution sweeping the U.S. appears to exerting a halo effect on stocks in key industries, and not just those in the energy sector.
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Jan 18- McMoRan Exploration Co reported its fourth straight quarterly loss on higher costs resulting from repeated failures to launch a key gas well, a delay that has prompted bidder Freeport-McMoRan Copper& Gold Inc to lower its offer.
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Jan 18- McMoRan Exploration Co reported its fourth straight quarterly loss on higher costs resulting from repeated failures to launch a key gas well, a delay that has prompted bidder Freeport-McMoRan Copper& Gold Inc to lower its offer.
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Best of all, the Wall Street bank had just bought one of the world's preeminent metal warehousing firms, Henry Bath, further profiting from storing the metal that would be used to back the first ETF of its kind.
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SINGAPORE, Dec 7- London copper was steady on Friday and was set to close the week little changed as traders focused on the United States for progress in talks to avert a looming fiscal crisis and a crucial jobs report. *The most-traded March copper contract on the Shanghai Futures Exchange slipped 0.12 percent to 57,330 yuan a tonne.
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*Freeport in $9 billion bid for two energy companies. Even so, Freeport's $9 billion play for Plains Exploration& Production and McMoRan Exploration Co shows that even industry giants are finding copper a challenge as mines age, grades decline and costs rise.
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*Dow up 0.6 pct, S&P 500 up 0.2 pct, Nasdaq off 0.8 pct. NEW YORK, Dec 5- A volatile trading session ended with U.S. stocks mostly higher on Wednesday, even as Apple, the most valuable company in the United States, suffered its worst day of losses in almost four years.
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NEW YORK, Dec 5- Freeport McMoRan Copper& Gold Inc Chief Executive Richard Adkerson is known for taking big risks- building his company around mines in Asia, spending nearly $26 billion to take over larger mining rival Phelps Dodge and now shelling out $9 billion to take over two oil and gas companies.
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The Dow and S&P finished higher Wednesday, boosted by a batch of upbeat economic reports and optimistic comments from China's new leader, while Apple's sharp drop pushed the Nasdaq into negative territory.
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*Dow up 0.6 pct, S&P 500 up 0.2 pct, Nasdaq off 0.8 pct. NEW YORK, Dec 5- A volatile trading session ended with U.S. stocks mostly higher on Wednesday, even as Apple, the most valuable company in the United States, suffered its worst day of losses in almost four years.
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Apple fell 4 percent on heavy volume. The CEO of AT&T Mobility said 6.4 million smartphones had been sold the first two months of Q4, implying sales of about 9.4 million or so for the quarter.
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Travelers' gain leads Dow higher, Apple's drop hits Nasdaq. NEW YORK, Dec 5- U.S stocks mostly rose on Wednesday, boosted by a rally in bank shares, though a steep drop in Apple limited the advance and kept the Nasdaq in negative territory.
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On Wednesday, Freeport McMoRan made a massive bet on oil and gas with a $9 billion acquisition of two energy companies. Is there’s something wrong with Freeport’s copper business?
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*Deals allow Freeport to diversify into U.S. oil, gas. On paper the deal reshapes Freeport, with its mining profile largely outside the United States, and Plains and McMoRan concentrated in energy plays in California, Texas and the Gulf of Mexico.
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*Apple shares fall more than 4 percent. NEW YORK, Dec 5- An unexpected decline in shares of Apple Inc led U.S. stocks lower on Wednesday, as the tech giant dropped nearly 5 percent in heavy trading. Apple shares were down at $546.70 and accounted for more than half of the Nasdaq 100' s 1.5 percent selloff.
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*To pay $6.9 bln for Plains, $2.1 bln for McMoRan. Dec 5- Freeport-McMoRan Copper& Gold Inc said Wednesday it would buy Plains Exploration& Production Co and McMoRan Exploration Co for $9 billion in cash and stock, in a major expansion into the energy sector.
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*To pay $6.9 bln for Plains, $2.1 bln for McMoRan. Dec 5- Freeport-McMoRan Copper& Gold Inc said on Wednesday it would acquire Plains Exploration& Production Co and McMoRan Exploration Co for $9 billion in cash and stock in a major expansion into energy.
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*Freeport-McMoRan Copper to buy Plains, McMoRan Exploration. NEW YORK, Dec 5- Wall Street was set for a flat open on Wednesday as a drop in shares of Freeport-McMoRan premarket following acquisition announcements offset optimism about a global economic recovery spurred by comments from China's new leader.
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Freeport-McMoran bought Plains Exploration and McMoran Exploration -- a company in which it already owns a partial stake -- in two deals worth a combined $9 billion.
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Dec 5- Freeport-McMoRan Copper& Gold Inc said on Wednesday it would acquire Plains Exploration& Production Co and McMoRan Exploration Co in two separate deals for $9 billion in cash and stock. It would buy McMoRan Exploration for $2.1 billion cash after taking into account the stake in McMoRan that Freeport already owns.
