(RTTNews) - Freeport McMoRan (FCX) slid in pre-market trading, after revising its operating plans and suspending its common stock dividend.
The stock was down $3.88 just before 8:40 am ET, slipping to $17.95. If pre-market losses hold, the stock will open at its lowest level in two weeks.
Freeport McMoRan announced that it would reduce Copper Production and Sales of 200 million pounds in 2009e and 500 million pounds in 2010e Compared with Previous Estimates.
The company expects 18% reduction in Estimated 2009 Unit Site Production and Delivery Costs Compared with 2008e.
Freeport McMoRan anticipates $1.2 billion reduction in Estimated 2009 Capital Expenditures Compared with Previous Estimates.
In response to weak conditions in commodity and financial markets, FCX also suspended its annual common stock dividend of $2.00 per share.
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