McMoRan Exploration Shares Rally Ahead Of Report

DEBORAH JIAN LEE

NEW YORK (AP) — Shares of McMoRan Exploration Co. on Friday rebounded from a recent slump ahead of the independent petroleum producer's quarterly report scheduled for Monday.

McMoRan shares climbed 71 cents, or 13.5 percent, to $5.98 in afternoon trading. Shares have traded in a 52-week range of $3.14 to $35.52.

The stock, which has slid about 15 percent since the end of March, has fallen too far. said Capital One Southcoast analyst Richard Tullis in a phone interview. This recent underperformance has driven the price to an attractive level, he added. ...