NEW YORK (TheStreet) -- Freeport-McMoran (FCX) - Get Report stock is advancing 3.79% to $7.39 this afternoon as copper prices rally today. 

Copper for May delivery is up 2.17% to $2.12 on the COMEX this afternoon on better-than-expected U.S. economic data.

Consumer spending increased last month and fourth-quarter economic growth was revised up to 1%, which was higher than expected, Reuters reports. 

Oil prices similarly surged earlier today before turning lower this afternoon. 

Freeport's stock price has moved largely in line with currency and commodities prices in recent months, TheStreet's chartist Bruce Kamichnoted on Wednesday. 

However, TheStreet's Jim Cramer warns against oversimplifying the many factors impacting Freeport. 

"Copper's flying's, oil's not dying, let's go buy some Freeport! Now of course, I wish life was that easy," he writes today. "In truth, Freeport's in big trouble and it needs to raise cash any way it can. But why let the facts get in the way of a good story?"

Cramer points out that the company has sold a portion of one of its copper mines for $1 billion in an effort to contend with its $20 billion in debt. 

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"[These trades] are almost surefire ways to lose money because you are buying the worst, most leveraged junk and betting someone even dumber than you will take you out," he continued. 

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

Freeport-McMoRan's weaknesses include its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: FCX

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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