SAC Capital's Stake in Phelps Dodge (PD) Falls to 4.1%

In an amended 13D filing on Phelps Dodge (NYSE: PD), SAC Capital disclosed a 4.1% stake (8.4 million shares) in the company. This is down from the 5.1% stake (10.3 million shares) the firm disclosed in a past filing.

SAC said, "On January 20, 2007, option contracts on 1,778,000 shares of Common Stock held by certain of the Reporting Persons, which were previously reported, expired "out-of-the-money" pursuant to their terms. The Reporting Persons' have not changed their intention to vote against the proposed FCX transaction, as previously reported."