Freeport-McMoRan plans to spin off its oil and gas business under pressure from shareholders such as activist investor Carl Icahn, according to Bloomberg. It's also reduced the size of its board, while appointing two Icahn nominees to it. Freeport McMoran is trading at about a third of its price in mid-2014, after $9 billion in oil and gas investments in 2013 turned sour amid a drop in oil prices.