Diamonds and Dogs

4/21/23

Boring is beautiful. P&G (PG) is up 3% not far from a 52-week high following earnings. The consumer staple beat by 5 cents as revenues rose 3.5% to $20.07 billion. P&G mentioned consumers are being more careful with their usage of product they bought. But P&G did say the consumer is holding up extremely well.

Freeport McMoRan (FCX) is down 5% following earnings. Freeport said first-quarter profits were cut in half due to production cuts and lower prices for copper amid signs of an economic slowdown. In February, the company was forced to stop operations at its Grasberg mine in Indonesia for more than two weeks after the mine was hit by floods. Freeport also warned in January that its struggle to find workers in the United States was limiting the amount of copper it can produce.