A stock turns when bad news no longer sends the stock crashing. Such a scenario is now happening with Freeport-McMoRan (FCX) as copper trades more favorably. In the last two days the stock has run into the following issues:Failed to reach an export deal with Indonesian government.RBC Capital cut the stock to Market Perform and cut the target to $6.50.Moody's downgrades credit rating to B1 from Baa3. The rebound in the copper prices above $2 is key. As long as copper trades above this level, the copper miner is at least breakeven. The stock can overcome the above issues with positive cash flow. Freeport-McMoRan remains a high risk play. Investors should not blindly own the stock as it could quickly reverse the current rally and head much lower due to high leverage. Disclosure: No position mentioned