Latest news with #Quirk
Yahoo
10-06-2025
- Business
- Yahoo
Tariffs, Billions, and a Copper Showdown: Freeport's Wild Ride Begins
Freeport-McMoRan (NYSE:FCX) is riding a temporary wave of pricing power as the U.S. edges closer to copper import tariffs. With domestic copper now trading nearly 9.3% above London prices, the gap is giving Freeport a sizable boostroughly $800 million in annualized benefits, according to company estimates. But CEO Kathleen Quirk isn't popping champagne just yet. While the tariff premium is a win in the short term, she warns the bigger picture is far more complex. If broader trade restrictions slow global growth, it could end up hurting the very industry these tariffs aim to protect. Since stepping into the CEO role last June, Quirk has been managing a tricky transition. Freeport dominates U.S. copper production with seven open-pit mines and a key smelter, but its most profitable operations sit outside the Indonesia, South America, and Spainwhere costs are significantly lower. Quirk is staying publicly neutral on the tariff debate, noting that while domestic prices benefit, international demand could take a hit if a full-scale trade war breaks out. Investors aren't shrugging this off: Freeport shares have slid roughly 14% during her first year, in line with other global copper majors like BHP and Southern Copper. Freeport is still pushing ahead on U.S. growth projects, eyeing Arizona mine extensions and a potential Miami smelter upgrade. But Quirk isn't overselling the upside. These aren't high-return bets, largely due to the steep cost structure at homeit's more than three times higher than in other regions. Her message is clear: if Washington wants to rebuild the U.S. copper base, it'll take more than tariffs. She's calling for policy supportlike tax credits already given to lithium and nickelto bring copper into the same clean energy conversation. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
Freeport CEO Says Tariffs Threaten to Hinder US Copper Mining
(Bloomberg) -- The threat of US levies on copper imports has been a boon for Freeport-McMoRan Inc., with North America's top producer cashing in on selling the metal at a premium. Still, the firm's top boss warns that broader tariffs could hurt an industry President Donald Trump is trying to help. Next Stop: Rancho Cucamonga! Trump Said He Fired the National Portrait Gallery Director. She's Still There. Where Public Transit Systems Are Bouncing Back Around the World NYC Mayoral Candidates All Agree on Building More Housing. But Where? US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn 'If global growth is disrupted, that could lead to an impact on copper prices,' Chief Executive Officer Kathleen Quirk said in an interview at Freeport's Phoenix headquarters. 'Ironically, if we're trying to build up the US copper industry, slowing GDP growth and inflation could put a lot of pressure on mines here.' A year into her CEO tenure, Quirk has found herself navigating a period of upheaval in the US copper industry. Trump has threatened to put tariffs on copper as he pushes to revive the domestic industry. In late February the president directed the Commerce Secretary to open an investigation into foreign copper imports under Section 232 of the Trade Expansion act and submit a report within 270 days. The act gives the president broad authority to impose restrictions on national security grounds. Levies threaten to inflict high costs across swaths of the American economy, since numerous industries and applications — including automobiles, consumer electronics and homebuilding — depend on the ubiquitous metal. The tariff threat has driven copper prices in the US to levels above where the metal trades in other markets. Copper on New York's Comex currently trades around 9.3% higher than prices on the London Metal Exchange, giving traders and producers an incentive to keep moving supplies to the US before any potential tariffs are imposed. Freeport said in April when the premium was around 13% that such levels equal about $800 million in annual financial benefit to its copper sales. The company is responsible for about 70% of processed US copper, thanks to seven open-pit mines across the country and a smelter. 'We do benefit from having a copper tariff because it prices our copper higher domestically,' Quirk, 62, said in the May 29 interview. 'If we have these big tariffs and trade wars, that makes us concerned for global demand for copper.' Quirk said she's 'staying neutral' on copper duties, while recognizing both advantages and challenges if levies are imposed on metal imports. The impact of a tariff-fueled trade war could hurt demand for the metal that Freeport also produces in Indonesia, Spain, Peru and Chile, she said. She supports efforts to revive the US copper industry and encourage more made-in-America production. Freeport has called for other incentives to boost copper mining in the US, like tax credits included in the Inflation Reduction Act that lithium and nickel miners are already eligible for. Quirk joined Freeport in 1989, climbing the ranks before she was named chief financial officer in 2003 and then president in 2021. She worked for years alongside her predecessor, Richard Adkerson, who remains as chairman. Quirk inherited a firm that has grown into one of the world's biggest copper producers, with mines across the globe. The company's international operations, however, have faced setbacks, including a fire that sidelined a newly built copper smelter in Indonesia, that have weighed on the company's stock. Shares in Freeport have fallen about 14% since Quirk took over in June 11, following similar stock declines of other large copper miners including BHP Group, Teck Resources Ltd. and Southern Copper Corp. Freeport is planning several expansions at its US assets, including extensions to a few Arizona mines, and is studying an expansion of its Miami smelter in the same state. But in a region where mines are older, grades are lower, and the cost to extend major operations in an already expensive region is burdensome, Quirk said the projects are 'not barn-burners.' It costs Freeport more than three times as much to churn out metal in the US than elsewhere, according to company presentations. The company generates greater profits on its mines in Indonesia and South America, where labor costs, energy prices and taxes are typically lower. 'The cost structure of the US is higher than it is globally,' Quirk said. 'So if you want to protect this industry, you need to think about how to incentivize it.' New Grads Join Worst Entry-Level Job Market in Years The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again What America's Pizza Economy Is Telling Us About the Real One America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P.
Yahoo
05-06-2025
- Business
- Yahoo
Robinhood exec touts retail investor strength, says overnight trading the future
By Ateev Bhandari (Reuters) -Robinhood (HOOD)executive Steve Quirk on Thursday credited retail investors with helping the market rebound after a sharp plunge in April, adding that young self-directed traders were increasingly making trades outside traditional hours. His comments came in reference to the market turmoil that followed U.S. President Donald Trump's announcement of sweeping tariffs on Liberation Day earlier this year. "This is the second occurrence where I would argue retail came to the rescue of the market. COVID (was) probably the first," said Quirk, Robinhood's chief brokerage officer, at the Piper Sandler Global Exchange & Trading Conference in New York. Retail investors have evolved into a notable market force since the GameStop short-squeeze of 2020, buying $4.7 billion in stocks on April 3, the highest level over the past decade, according to JPMorgan estimates. This was a day after Trump launched his erratic tit-for-tat tariff campaign, which roiled markets worldwide, scuttled dealmaking, and dampened consumer sentiment. Another way retail investors are changing the markets is through overnight trading, which is growing in popularity as global demand for U.S. stocks surges. Robinhood's users, especially those in their 30s, "do the research and homework in the evening," and expect to be able to make trades whenever they wish, Quirk said. Trading volume outside traditional hours has also spiked sharply as a tumultuous period of U.S. policy in recent months has kept markets on edge. There have often been steep selloffs in after-hour trading if material pivots on trade policy were announced late in the day. Robinhood estimates up to a quarter of its total daily trading volume on its busiest days comes from outside traditional market hours. May was the biggest month at the company for overnight trading, by volume, according to Quirk. "You will look back in a couple years and laugh at the notion that we waited until 9:30 Eastern for trading to start," said Quirk. Robinhood and competitor Interactive Brokers have been offering overnight trading for limited equities for a few years now.
Axios
03-06-2025
- Entertainment
- Axios
Richmond amps up Pride with "The Gayest Room Ever" and a Stonewall parade
Locals are stepping up their Pride celebrations this year. The big picture: Richmonders' support comes as corporate sponsors are scaling back their Pride funding this year. Driving the news: A smattering of new local Pride events and initiatives have already been announced for this month, which, of course, is Pride month. Here are a few of our faves: 🦄 " The Gayest Room Ever" at Quirk Hotel, which Virginia Pride, artist Scott Csoke and Quirk unveiled last week. The room, curated and styled by Csoke, is filled with art and pieces made by local LGBTQ+ artists or that represent RVA's queer history. Prices start at $239 for the "Everyone Under the Rainbow" package, which includes a one-night stay, two Pride Palomas on the rooftop and a $10 donation to Virginia Pride. Bookings available through September. 🌈 Pride on Forest Hill will pop up in South Richmond on June 14. The event will feature a Pride artist market at Thirsty's (noon-5pm), followed by a Pride picnic in Forest Hill Park, then it's back to Thirsty's for a Pride Happy Hour and afterparty. ✊🏻 Stonewall on Stonewall takes locals back to South Richmond on June 28 to commemorate the anniversary of the Stonewall Uprising, the event that kick-started the modern Pride movement.
Chicago Tribune
20-05-2025
- Business
- Chicago Tribune
DuPage Regional Office of Education moving education center from Addison to old Indian Plains School building in Aurora
The DuPage Regional Office of Education is moving its Center for Student Success, which provides alternative education programs to students in the county, from its current location in Addison to Indian Prairie School District 204's old Indian Plains School building in Aurora, officials said. The agreement was approved by Indian Prairie's school board at its meeting Monday. Classes will begin at the new location on Aug. 20, according to a news release from the DuPage Regional Office of Education. The Center for Student Success hosts several programs for students, including Rebound, Partners for Success and the Alternative Learning Opportunities program. The Rebound program allows students who have received out-of-school suspensions of four to 10 days to continue doing school work rather than remaining at home, said DuPage Regional Office of Education Regional Superintendent Amber Quirk, while the Partners for Success program places students out of school for longer periods of time. The Alternative Learning Opportunities program helps individuals looking to earn a high school equivalency prepare for the exam needed to earn it and look into postsecondary options. In the new facility, the Regional Office of Education also hopes to host workshops for educators, Quirk said, as the Indian Plains building is bigger than its current space in Addison. The DuPage Regional Office of Education operated programming out of the Old Mill School in Addison for more than two decades, Quirk said. She said the current building needs renovations, and that they're looking for more space. The move to the Indian Plains building is temporary, however. The lease agreement is set for a two-year period starting July 1, per Monday's meeting agenda, with the option to extend for a third year. The DuPage Regional Office of Education has said it is continuing to look for a permanent location for the center. The Indian Plains building at 1322 N. Eola Road in Aurora has not been used for student programming by the district for several years, according to a memo from District 204 Chief School Business Official Matt Shipley. It is currently being used for professional development, offices for a few district staff and storage for the district, all of which will be located to other facilities when the Regional Office of Education begins using the space. The building is 'near the end of its life,' per the memo included in Monday's meeting agenda, although it has been maintained up to code. The district is developing a plan for eventually divesting itself of the building. The first year's annual rent of the space is set at $175,000, per the lease agreement between the district and the DuPage Regional Office of Education, with increases to $185,000 for the second year and $195,000 if the office extends the lease for a third year. That covers all operating and maintenance costs for the facility, the memo from Shipley said, and the Regional Office of Education is to reimburse the district for custodial, maintenance and utilities services, as well as use the district's food service program.
