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Friday, January 25, 2013 12:10:35 PM
Freeport-McMoRan (FCX) acquired the deep-sea driller in December, which had originally initiated a MMR spinoff nearly two decades ago. In the time since the deal, shares of McMoRan Exploration have risen by close to 90%, making Pickens millions in the process.
At the end of the third quarter-the last 13F-filing period we have on record-the billionaire held approximately $3.9 million worth of MMR stock, meaning that he has made a cool $3.5 million in seven weeks' time.
That's that definition of a "smart money-play."
Oil & Gas | OTCBB | OTCQB | Pink Sheets
Purely my own opinion. This is not investment advise and do your own due diligence.
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