MP Materials, Rare-earth magnet
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As of 10:17 a.m. ET on Friday, shares of MP Materials stock had climbed 6.5%.
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Zacks.com on MSNMP Materials (MP) Moves 50.6% Higher: Will This Strength Last?MP Materials (MP) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
MP Materials soared 50.62 percent on Thursday to hit a new high after sealing a multi-billion-dollar deal with the Department of Defense (DOD) to ramp up the production of rare earth minerals in the
MP stock soars as the U.S. Defense Department becomes the company’s largest shareholder. Investors are still recommended to tread with caution.
An Historic Public-Private Partnership The U.S. Defense Dept. announced yesterday it was making a multibillion-dollar investment in MP Materials (NYSE:MP), the sole operator of the rare earth mineral mine in California.
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According to the agreement, the Department of Defense will purchase $400 million of a newly created series of preferred stock that's convertible into shares of the MP Materials common stock as well as a warrant permitting the Department of Defense to acquire additional shares of common stock.
James Litinsky, MP Materials chairman and CEO, joins CNBC's 'Squawk on the Street' to discuss the company's deal with the Defense Department, in which the Pentagon will become the largest shareholder in the rare earth miner.