Stocks Buzz: Freeport-McMoRan Copper & Gold Inc, AMR Corporation, JPMorgan Chase & Co


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NYSE:FCX / PK:AAMRQ
03/06/2013 [ACCESSWIRE]

NEW YORK, March 06, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on Freeport-McMoRan Copper & Gold Inc, AMR Corporation, JPMorgan Chase & Co.

The second largest copper miner in the world, Freeport-McMoRan Copper & Gold Inc.(NYSE:FCX), might double the amount of copper concentrate sales to China in the forthcoming three years, the reason for it being the expansion of mined production. The news was confirmed by the company’s senior vice president of marketing and sales, Javier Targhetta. 

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According to Targhetta in an interview in Madrid, as far as sales to China are concerned, the amount may increase by the year 2016 to anything between 800,000 to 1 million metric tons.  The company’s sales to the biggest buyers of metals in the world have increased by ten times since the year. Copper concentrate that is obtained from mines are processed in cathode and then can be used for pipes as well as wiring. Targhetta was optimistic about the sales in China increasing in the coming three years. As they are increasing the production in their mines, the produce can be utilized in the Chinese market. 

A subsidiary of the AMR Corporation(PINK:AAMRQ), American Airlines, has made an announcement regarding its plans of expansion of its operations in the markets of domestic as well as international arena, and the process will begin this summer. The new services will be made available in San Diego from the Miami hub and Mexico from the hub in Dallas.

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The operation of the new flights will begin from the 12th of June this year. 25 flights will be available daily from
Miami to San Diego. The flight will have 150 seats. For the time being, the services in Mexico will be inclusive of two destinations, namely, Ignacio Pesqueira Garcia International Airport in Hermosillo (:HMO) and General Leobardo C. Ruiz International Airport in Zacatecas.

In the latter part of the previous month, the U.S. Department of Transportation received an application from the American Airlines in which the latter sought permission to begin new services between the United States and Brazil.

MF Global and its creditors have resolved a dispute with JPMorgan Chase & Co.(NYSE:JPM) over the value of intercompany claims in the bankrupt brokerage's estate.

The court-ordered mediation will enable JPMorgan to recover more.According to the terms of the deal, MF's parent entity will subordinate $275 million of its $1.887 billion claim against MF Global's finance unit below JPMorgan's $1.2 billion claim against the estate.

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Under the initial plan, unsecured creditors of MF's parent would be paid between 13.4 cents and 39 cents per dollar, while creditors of its finance unit would receive between 14.7 cents and 34 cents on the dollar. 

JPMorgan, which was to initially recover 73 cents on the dollar, is now likely to receive more.

Creditors have to vote on the plan before March 25, after which it will go before a U.S. bankruptcy judge for a final approval hearing.

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