Jim Cramer Warns Investors to Steer Clear of Freeport McMoRan

TheStreet's Jim Cramer says the last time natural resource company Freeport McMoRan slashed its dividend it was just a copper and gold company but this time around it has oil too. The U.S. mining and energy company announced on Tuesday it is slashing its quarterly dividend 84 percent due to lower commodity prices. The quarterly dividend payout will be 5 cents per share, down from 31 cents. Cramer points out that the last time it did this, it was the bottom during the financial crisis in 2008. But we haven't reached a bottom with regards to oil prices and so investors should let it come in. Freeport McMoRan reported a loss in its last quarterly report and cut back its 2015 spending budget with most of the cuts coming from its oil and gas business.