Molycorp (MCP) Can't Find Its Legs; Shares Tap Fresh 52-Week Low
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Price: $0.36 --0%
Rating Summary:
2 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
2 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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After slumping 14 percent Wednesday, Molycorp, Inc. (NYSE: MCP) can't get off its back. Shares are down nearly 3 percent Thursday.
The stock closing at the lows last night was a bad sign; this morning's action was a confirmation.
The downside follows negative comments from former-bull Michael Gambardella of JPMorgan on Wednesday. His main concern centered on rare earth prices, which he sees heading lower still. New Chinese export quotas for 2012 and ramping production from Molycorp and Lynas will put additional downward pressure on rare earth prices, the analyst said.
Gambardella also suggested China's move to shift from half-year quotas to full-year quotas is another bad sign.
Shares of Molycorp last traded at $23.47. The stock hit a fresh 52-week low at $23.05 earlier.
The stock closing at the lows last night was a bad sign; this morning's action was a confirmation.
The downside follows negative comments from former-bull Michael Gambardella of JPMorgan on Wednesday. His main concern centered on rare earth prices, which he sees heading lower still. New Chinese export quotas for 2012 and ramping production from Molycorp and Lynas will put additional downward pressure on rare earth prices, the analyst said.
Gambardella also suggested China's move to shift from half-year quotas to full-year quotas is another bad sign.
Shares of Molycorp last traded at $23.47. The stock hit a fresh 52-week low at $23.05 earlier.
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