{"id":73681,"date":"2026-10-27T08:38:16","date_gmt":"2026-10-27T12:38:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/freeport-mcmoran-beats-q3-estimates-amid-copper-market-shifts-us-hiring-slows\/73681\/"},"modified":"2026-10-27T08:38:16","modified_gmt":"2026-10-27T12:38:16","slug":"freeport-mcmoran-beats-q3-estimates-amid-copper-market-shifts-us-hiring-slows","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/freeport-mcmoran-beats-q3-estimates-amid-copper-market-shifts-us-hiring-slows\/73681\/","title":{"rendered":"Freeport-McMoRan Beats Q3 Estimates Amid Copper Market Shifts; US Hiring Slows"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Freeport-McMoRan (<a href=\"\/stock\/FCX\">FCX<\/a>)<\/strong> reported <strong>Q3 adjusted EPS of $0.88<\/strong>, beating the <strong>$0.81<\/strong> consensus, as higher copper and <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold prices<\/a> offset an <strong>8.8% year-over-year decline<\/strong> in copper production.<\/li>\n<li><strong>US private-sector hiring<\/strong> continued to lose momentum, with the <strong>ADP Weekly Employment Change<\/strong> falling to <strong>16.75K<\/strong> for the week ending Oct. 10, down from the previous <strong>18.5K<\/strong>.<\/li>\n<li><strong>Intel (<a href=\"\/stock\/INTC\">INTC<\/a>)<\/strong> announced a major <strong>$2.3 billion<\/strong> acquisition of Israeli quantum software startup <strong>Classiq<\/strong> to bolster its full-stack quantum computing capabilities.<\/li>\n<li><strong>Argentina<\/strong> granted a crucial approval for <strong>Glencore&#39;s (<a href=\"\/stock\/GLEN\">GLEN<\/a>)<\/strong> <strong>$6.4 billion MARA copper project<\/strong>, potentially unlocking one of the world&#39;s largest undeveloped copper deposits.<\/li>\n<li><strong>Dell Technologies (<a href=\"\/stock\/DELL\">DELL<\/a>)<\/strong> expanded its security portfolio with new <strong>AI-driven cybersecurity and resilience services<\/strong> designed to protect &quot;AI Factory&quot; infrastructures.<\/li>\n<\/ul>\n<h2>Freeport-McMoRan Navigates Production Headwinds<\/h2>\n<p>Freeport-McMoRan (<a href=\"\/stock\/FCX\">FCX<\/a>) delivered a robust third-quarter performance despite operational challenges in Indonesia. The mining giant reported <strong>revenue of $7.55 billion<\/strong>, surpassing the <strong>$7.42 billion<\/strong> expected by analysts. While <strong>copper production fell 8.8%<\/strong> compared to the same period last year, the company benefited from <strong>favorable commodity pricing<\/strong>, with copper averaging <strong>$6.54 per pound<\/strong> during the quarter.<\/p>\n<p>Management highlighted that the production dip primarily reflects lower operating rates at the <strong>Grasberg<\/strong> operations during a transition phase. However, the company maintained its capital expenditure discipline, reporting <strong>CAPEX of $1.16 billion<\/strong>, slightly above the <strong>$1.08 billion<\/strong> estimate. <em>Analysts remain focused on the company&#39;s ability to ramp up volumes in the fourth quarter to meet its annual sales target of 3.0 billion pounds of copper.<\/em><\/p>\n<h2>Labor Market Cooling Persists<\/h2>\n<p>The latest <strong>ADP NER Pulse<\/strong> data indicates a further deceleration in the US labor market. Private employers added an average of <strong>16,750 jobs per week<\/strong> for the four weeks ending October 10, marking a steady decline from the <strong>18,500<\/strong> average reported in the prior period.<\/p>\n<p>This cooling trend comes as market participants maintain a cautious stance ahead of upcoming <strong>FOMC<\/strong> policy meetings. <em>The persistent slowdown in hiring suggests that previous interest rate hikes are continuing to permeate the broader economy, potentially giving the Federal Reserve more room to consider future policy adjustments.<\/em><\/p>\n<h2>Tech Giants Pivot to Quantum and AI Security<\/h2>\n<p>In a significant move for the semiconductor industry, Intel (<a href=\"\/stock\/INTC\">INTC<\/a>) has agreed to acquire <strong>Classiq<\/strong> for approximately <strong>$2.3 billion<\/strong>. The Tel Aviv-based startup is a pioneer in quantum software, and the deal is expected to accelerate Intel&#39;s &quot;full-stack&quot; quantum strategy. <em>The acquisition underscores the intensifying race among big tech players to secure leadership in the emerging quantum computing landscape.<\/em><\/p>\n<p>Simultaneously, Dell Technologies (<a href=\"\/stock\/DELL\">DELL<\/a>) is doubling down on its <strong>AI-centric security offerings<\/strong>. The company unveiled new services including <strong>Security Hardening for Dell AI Factory<\/strong>, which provides automated risk assessments for AI workloads. These updates aim to address the growing complexity of protecting data pipelines in the era of generative AI and emerging quantum threats.<\/p>\n<h2>Global Mining Developments<\/h2>\n<p>Mining activity in South America received a major boost as <strong>Argentina<\/strong> approved <strong>Glencore&#39;s (<a href=\"\/stock\/GLEN\">GLEN<\/a>)<\/strong> <strong>$6.4 billion MARA copper project<\/strong>. The approval falls under the country&#39;s new Incentive Regime for Large Investments, signaling a more favorable environment for foreign mining capital. This project is expected to be a cornerstone of global copper supply as demand for the metal continues to rise due to the energy transition.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Freeport-McMoRan (FCX) reported Q3 adjusted EPS of $0.88, beating the $0.81 consensus, as higher copper and gold prices 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