Facebook Gets Promoted and Buyout Hype is Ripe: Afternoon Buzzers
Shares of independent oil and gas company McMoRan Exploration Co. (NYSE:MMR) traded up as much as 83 percent in the afternoon after news broke that Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) is interested in buying the company. Shares of Freeport-McMoRan edged lower in the afternoon at 13.61 percent.
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Plains Exploration & Production Company (NYSE:PXP) is also on the table for a Freeport-McMoRan acquisition. Shares were up more than 25 percent in the afternoon.
The ADP National Employment Report indicates that 118,000 non-farm private-sector jobs were added in November, below the six-month average of 124,000 jobs added per month. Hurricane Sandy is said to have sliced “an estimated 86,000 jobs from payrolls,” according to Mark Zandi, chief economist at Moody’s Analytics.
Despite its rocky ride and 28 percent year-to-date drop in value, Facebook (NASDAQ:FB) will join the NASDAQ-100 Index. The switch with Infosys Ltd. (NASDAQ:INFY) will take place before the bell on Wednesday, December 12, 2012. Shares of Facebook were down 0.36 percent in the afternoon.
Shares of Pandora Media, Inc. (NYSE:P) were off as much as 17.46 percent in the afternoon after weak guidance in its third-quarter financial results. The company expects fourth-quarter losses up to $0.09 per share and fiscal-year 2013 losses of up to $0.12 per share.
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