Rare Earths See a Rare Down Day (MCP, REE)
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Rare earth stocks are finally seeing the selling pressure some traders have been waiting for.
Shares of group leader Molycorp, Inc. (NYSE: MCP) are down 11.2 percent and another momentum favorite Rare Element Resources Ltd. (NYSE: REE) is down 9.3%.
Despite the sell-off, shares of Molycorp are up nearly 300 percent from their July '10 IPO.
Yesterday, Byron Capital Markets analyst Jon Hykawy said he believes the price of lanthanum and cerium could come down hard, suggesting profitability of Molycorp would be heavily impacted.
Shares of group leader Molycorp, Inc. (NYSE: MCP) are down 11.2 percent and another momentum favorite Rare Element Resources Ltd. (NYSE: REE) is down 9.3%.
Despite the sell-off, shares of Molycorp are up nearly 300 percent from their July '10 IPO.
Yesterday, Byron Capital Markets analyst Jon Hykawy said he believes the price of lanthanum and cerium could come down hard, suggesting profitability of Molycorp would be heavily impacted.
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