Whilst the broader market closed moderately mixed, there was severe weakness in Freeport McMoran (FCX) which imploded, settling -20.4% @ $4.30, the lowest level since Nov'2002. With commodities set to remain weak, FCX is clearly being priced as in danger of 'disappearing'.
Suffice to add, the market is currently pricing this company as though its in serious danger of imploding to zero.
I would be sad to see FCX disappear, but then... they have only themselves to blame. They made a number of purchases of Oil/gas companies when Oil was >$100... and leveraged themselves up in mining.
By early summer... will FCX be on the pink sheets?
Right now, the probability is arguably at least 30%.
*I've no position, and will not get involved in ANY of the mining stocks.. as there is simply yet to be any capitulation within the industry.