Rare Earth Stocks Rip Following Strong FY11 Results from China's Largest Producer (MCP) (REE) (AVL) (SHZ)
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Stocks in the rare earth material group are sharply higher early Tuesday following strong earnings from China's largest rare earths producer, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co. (Hereafter: Baotou).
Reports have Baotou's revenue jumping 119.3 percent to 11.53 billion yuan in 2011, with a 363 percent increase in earnings to 2.87 yuan per share.
Baotou cited favorable gains from regulatory decisions in China. The company cautioned, however, that retreating prices in the second half of 2011 showed no signs of rebounding.
Molycorp (NYSE: MCP) shares up 8.3 percent Tuesday, while Avalon Rare Metals (AMEX: AVL) shares are up 3 percent, shares of China Shen Zhou (AMEX: SHZ) are 4 percent better, and Rare Element Resources (AMEX: REE) shares are up 8 percent.
Reports have Baotou's revenue jumping 119.3 percent to 11.53 billion yuan in 2011, with a 363 percent increase in earnings to 2.87 yuan per share.
Baotou cited favorable gains from regulatory decisions in China. The company cautioned, however, that retreating prices in the second half of 2011 showed no signs of rebounding.
Molycorp (NYSE: MCP) shares up 8.3 percent Tuesday, while Avalon Rare Metals (AMEX: AVL) shares are up 3 percent, shares of China Shen Zhou (AMEX: SHZ) are 4 percent better, and Rare Element Resources (AMEX: REE) shares are up 8 percent.
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