Biting Nails Early, Molycorp (MCP) Investors Rewarded with Massive Swing Day Ahead of Lock-Up Expiration
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Molycorp, Inc. (NYSE: MCP) shares ended up closing in positive territory following an open in the red today, in what might have been one of the biggest swings in the market today.
Shares opened at $41.97 today and were halted early on announcement of a $500 million common stock and $172.5 million preferred stock offering.
The stock then dropped to $40.25.
However, following the offering, shares began to gain ground as the company reassured investors of their plans by announcing approval to of its plan to double production capacity at their Mountain Pass, California, facility. Shares ended the day 8.9% better, marking a 16.8% swing from negative territory.
Volume was also nearly triple the trailing three-month average.
Tomorrow, the IPO lock-up period for Molycorp expires, which will make 53,125,000 shares, including shares noted in the $500 million equity offering, available for sale.
Shares are currently up marginally after hours.
Shares opened at $41.97 today and were halted early on announcement of a $500 million common stock and $172.5 million preferred stock offering.
The stock then dropped to $40.25.
However, following the offering, shares began to gain ground as the company reassured investors of their plans by announcing approval to of its plan to double production capacity at their Mountain Pass, California, facility. Shares ended the day 8.9% better, marking a 16.8% swing from negative territory.
Volume was also nearly triple the trailing three-month average.
Tomorrow, the IPO lock-up period for Molycorp expires, which will make 53,125,000 shares, including shares noted in the $500 million equity offering, available for sale.
Shares are currently up marginally after hours.
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