Thompson Creek (TC) Won't Comment On Takeover Rumors, Says Stock Incorrectly Caught Up in Rare Earth Hype
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Shares of Thompson Creek Metals (NYSE: TC) are surging higher on unsubstantiated takeover rumors reported at financial websites Briefing.com and theflyonthewall.com and the hype surrounding rare earth stocks.
Company spokesperson, Pamela Solly, said she has seen the rumors but told StreetInsider.com, "we don't comment on market rumors."
Solly also explained that the stock has been incorrectly caught up in the rare earth hype. "We are not in the rare earth business," Solly said. The company has two molybdenum mines, and is constructing a cooper/gold mine.
While Solly believes the recent run-up in the stock has been related to the rare earth hype, the spot price of moly is up 5 percent over the past two weeks and the stock price is normally directly correlated to the price of moly.
Shares of Thompson Creek are up 8.4 percent today, after rising 10 percent last week.
Company spokesperson, Pamela Solly, said she has seen the rumors but told StreetInsider.com, "we don't comment on market rumors."
Solly also explained that the stock has been incorrectly caught up in the rare earth hype. "We are not in the rare earth business," Solly said. The company has two molybdenum mines, and is constructing a cooper/gold mine.
While Solly believes the recent run-up in the stock has been related to the rare earth hype, the spot price of moly is up 5 percent over the past two weeks and the stock price is normally directly correlated to the price of moly.
Shares of Thompson Creek are up 8.4 percent today, after rising 10 percent last week.
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