S&P cuts Freeport McMoRan to junk, assigns outlook negative

Standard & Poor’s on Friday cut Freeport-McMoRan Inc. debt two notches to BB, assigning it a negative outlook on lower metals prices and the company’s debt levels. Freeport’s new operating plan is “aggressive and could be derailed by commodity price volatility and delays,” S&P said in a statement. Shares of Freeport McMoRan fell 0.9% in late trading Tuesday after ending the regular trading day up 13%.

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Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

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