Option traders moderately bearish in Freeport McMoRan (FCX), with shares down 64c near $38.45. Options volume roughly in line with average with 34k contracts traded and calls leading puts for a put/call ratio of 0.17, compared to a typical level near 0.52. Implied volatility (IV30) is higher by 0.0 points near 45.12,in the top quartile of the past year, suggesting an expected daily move of $1.09. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at BofA.Looking ahead: Freeport McMoRan (FCX) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.
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