Considering that McMoRan Exploration [NYSE:MMR] had a profitable 4th quarter, and if the stock price continues to fall. I would be a buyer at any price below $10.00; because McMoRan may be sold to a major oil company. If production actually starts at the Davy Jones site in the Gulf before a buyout, look for the price of the stock to hammer up. If the company is sold before production starts at Davy Jones site, again look for the price to hammer up. At any price below $10.00 it’s a win situation.
And of course nothing is certain.
Disclosure: Long on “C” and “MMR”.