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Molycorp, Inc. (MCP)

  • Sep. 13, 2012, 11:38 AM
    Molycorp (MCP +4.8%) shares rip higher on a report that China is reducing rare earth mining licenses by 40%. The number of licenses had been 113, according to Securities Journal. The news is seen as positive for companies holding existing licenses as future competition may now be limited. Also on the move: REE +3.4%, AVL +2.6%.
  • Aug. 31, 2012, 12:04 PM
    Molycorp (MCP +4.5%) has enjoyed substantial recent insider purchases, according to Insider Monkey. Director Ross Bhappu’s Resource Capital bought 2.5M shares at an average $10/share, CEO Mark Smith directly purchased 50K shares, and the company’s CFO and another board member also added shares.
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  • Aug. 29, 2012, 9:41 AM
    Molycorp (MCP +4.3%) continues its recent rise after shares are upgraded to Buy from Hold at Gabelli, which cites the recent financing to provide liquidity through H1 2013 and hitting milestones to get Phase 1 production online on time and on budget. Although rare earth prices remain weak, the firm says much of the risk already is reflected in the share price.
  • Aug. 29, 2012, 9:10 AM
    Premarket gainers: JOSB +14%. TEAR +8%. MCP +6%. TFM +5%.
    Losers: ARQL -26%. WCRX -22%. DY -17%. JASO -9%. FRO -8%.
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  • Aug. 28, 2012, 3:44 PM
    Molycorp (MCP +13%) is among today's top gainers on news that its California facility had begun to produce heavy rare-earth concentrate from freshly mined ore and is on track to achieve full Phase 1 production rates in Q4. But Paul Ausick reminds that by next year, the supply of rare earths will more than double the amount now on the market, and some companies are developing substitutes.
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  • Aug. 28, 2012, 9:10 AM
    Premarket gainers: SBX +33%. MOV +15%. CYBX +9%. PVH +5%. MCP +5%.
    Losers: CPRX -22%.
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  • Aug. 27, 2012, 4:27 PM
    Molycorp (MCP) +5.3% AH after announcing the start-up of operations at its Project Phoenix facilities at Mountain Pass, Calif., which will produce heavy rare earth concentrate to be processed into high-purity, custom-engineered heavy rare earth products. An on-site combined heat and power plant will begin feeding power and steam this week to the facilities.
  • Aug. 22, 2012, 4:35 AM
    China bows to pressure and increases this year's quota of rare earths by 2.7% to 30,996 metric tons. It's the first raise since 2005 and follows a slashing of the allocation in 2009. However, it's all largely symbolic, as exporters only used up half of last year's quota, with foreign sales down this year as well.
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  • Aug. 21, 2012, 7:44 AM
    Molycorp (MCP) has its price target lowered again by JPMorgan, this time to $8.50 as the firm believes additional capital raises will be needed. It was JPM's Mike Gambardella who called out management on this month's earnings call for their inconsistency regarding funding issues and then downgraded the following day (when MCP lost a quarter of its value). Taking a breather from disappearing, shares +1.3% premarket.
  • Aug. 17, 2012, 12:04 PM
    Molycorp (MCP -11.5%) nears session lows after pricing separate offerings of stock and debt totaling at least $480M, higher than first estimated. MCP is offering 12M shares at $10 each, which could total 13.8M shares if the underwriter exercises an option to purchase more. The $360M note offering would increase to $414M if the underwriters exercise an over-allotment option. (earlier)
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  • Aug. 17, 2012, 9:10 AM
    Premarket gainers: ANN +15%. PSTI +7%. ASTI +6%. IDIX +6%. VRNG +5%.
    Losers: IO -17%. MCP -11%. MRVL -9%. VVUS -7%. ARO -5%.
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  • Aug. 17, 2012, 8:35 AM
    Molycorp (MCP) -9.3% premarket after yesterday's 7.5% drubbing following news of its offering. Dahlman Rose downgrades shares to Hold from Buy, as the size of the offering raises questions whether MCP's Mountain Pass project will be completed in the forecast timeframe. The firm cuts 2012 and 2013 EPS to $0.80 and $1.20, respectively, from its earlier $1.70 and $3.50.
  • Aug. 16, 2012, 6:57 PM
    Molycorp (MCP) falls another 3% in after hours trading, adding to its earlier 7.5% decline during the regular session following the company's offering announcement this morning. The rare-earth miner is in the process of modernizing and expanding its Mountain Pass facility in California.
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  • Aug. 16, 2012, 9:10 AM
    Premarket gainers: BTH +23%. VQ +17%. EA +10%. SINA +8%. CSTR +8%. OCZ +8%. CSCO +7%. SQNM +6%. PETM +6%.
    Losers: IDIX -39%. MCP -8%. NTES -8%. A -7%. DLTR -6%.
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  • Aug. 16, 2012, 8:29 AM
    Molycorp (MCP) -9.6% premarket after announcing proposed offerings of $300M aggregate principal amount of its convertible senior notes due 2017 and $150M of its common stock, three days after S&P's downgrade. MCP says proceeds will be used to fund expenses for the remainder of 2012 and H1 2013.
  • Aug. 13, 2012, 3:45 PM
    Standard & Poor's downgrades Molycorp (MCP -4.9%) two notches further into junk territory, to CCC+ from B, and places its ratings on watch with "developing implications," noting the rare-earth miner's cash flow likely will be less than it expected this year due to lower prices and customer destocking.
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Company Description
Molycorp Inc manufactures custom engineered rare earth and rare metal products. The Company's reportable segments include resources chemicals and oxides magnetic materials and alloys and rare metals.