Rio Tinto (RTP) is surging after Alcoa (AA) and Chinalco (Aluminum Corp of China) take a 12% stake in RTP. BHP Billiton (BHP) has an open offer for RTP which RTP continues to rebuff. In the meantime Freeport-McMoRan (FCX) looks like the ugly girl sitting in a chair in the corner at the high school dance. As this soap opera plays out don't be surprised if RTP jilting of BHP overtures results in BHP going after FCX.
At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC were long shares of FCX--- although positions can change at any time.