OT-Freeport-McMoRan profit up, but sees lower sales

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scoutaz_2003

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OT-Freeport-McMoRan profit up, but sees lower sales

posted on Jan 20, 2011 11:20AM

Q4 EPS $3.25 vs $2.15 a year earlier

* Adjusted EPS $3.26 vs Street view $3.03

* Revenue up 22 pct to $5.6 bln

* Says copper and gold sales to decline in 2011

* Shares fall as much as 5 pct (Adds analysts' forecast, production data, share price)

NEW YORK, Jan 20 (Reuters) - Freeport-McMoRan Copper & Gold (FCX.N: Quote) posted a 60 percent jump in quarterly profit but cut its sales forecast and said costs would rise, pushing its shares down as much as 5 percent in early trading.

The company has seen its share price double since last June as prices for copper reached record highs earlier this month and gold reached a peak in December.

This gold and silver smack down is coming just as amazing earnings are about to come out for the miners...is this by design....I think it might be. The stock prices would have exploded with the earnings that are about to get released...not now.