Earnings: see - http://finance.yahoo.com/news/freeport-mcmoran-misses-4q-profit-132334450.html
So, an earnings miss... although far better than a year ago. The real issue that has spooked Mr Market is the Indonesian govt's failure to authorise FCX to export its copper concentrates. Until that is resolved, it will clearly be a drag on the stock price.
However, what should be clear... Mr Inflation is lurking across the world, and Copper prices - having broken upward last November, is headed for the $3 threshold.
Things would become exceptionally bullish for the copper miners, if Copper can attain a monthly close >$3.. which I believe will be the case later this year.