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Stock Market & Financial Investment News

News Breaks
January 2, 2013
10:06 EDTMCP, NSANY, SIMolycorp rises after Bloomberg says company could be takeover target
Shares of rare earth mining company Molycorp (MCP) are trading higher this morning after a Bloomberg "Real M&A" article said the company could be a takeover target. According to data compiled by Bloomberg, Molycorp, which owns the largest U.S. deposit of "rare earth" metals that go into everything from smartphones to hybrid cars, is trading at a 19% discount to its book value. The company's stock slid 61% in 2012 as it faced problems like slumping prices of rare earths, the departure of its CEO, cost overruns at its California mines and a regulatory probe. Byron Capital Markets believes manufacturers from Nissan (NSANY) to Siemens (SI) could be interested in making a bid for Molycorp, according to Bloomberg. The report also noted that Robert W. Baird & Co believes the $1.3B company could appeal to private-equity firms, but mining companies may not be as eager to pursue the company, and that Goldman Sachs believes Molycorp could fetch $15 per share in a takeover, a 59% premium to its close on December 31. Molycorp advanced $1.43, or 15.15%, to $10.87 in early-morning trading.
News For MCP;SI;NSANY From The Last 14 Days
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July 1, 2015
09:42 EDTNSANYNissan reports June U.S. sales up 13.3% to 124,228 units
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09:04 EDTNSANYNissan reports June U.S. sales up 13.3%, Bloomberg says
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06:47 EDTNSANYToyota, Nissan, Honda pushing more fuel cell vehicles on roads, AP reports
Toyota (TM), Nissan (NSANY), and Honda (HMC) are collaborating to get more fuel cell vehicles on roads in what they call Japan’s push towards “a hydrogen society,” the Associated Press reports. The companies pledged up to $90,000 per hydrogen station per year, including building and maintenance, the report says. Reference Link
June 29, 2015
14:57 EDTNSANYTakata asks carmakers to delay price cut requests, Nikkei says
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11:52 EDTNSANYNissan recalling 12K cars in India for engine problems, The Times of India says
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June 25, 2015
13:03 EDTMCPMolycorp common stock to move to OTC trading
Molycorp announced that its common stock will be quoted on over-the-counter markets immediately under the symbol MCPIQ. The company expects to be notified by the NYSE via delisting letter over the next several days.
10:01 EDTNSANYTrueCar Tprjects retail auto sales to consumers up 7.9% in June
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07:01 EDTNSANYToyota, Nissan expanding air bag recalls worldwide, Reuters reports
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05:50 EDTMCPMolycorp files for Chapter 11 bankruptcy protection
Molycorp announced that it has executed a restructuring support agreement with creditors that hold over 70% of the aggregate principal amount of the company's 10% senior secured notes. The agreement provides for a financial restructuring of the company's $1.7B in debt and provides up to $225M in gross proceeds in new financing to support operations while the company completes negotiations with creditors. To facilitate its financial restructuring, Molycorp and its North American subsidiaries filed voluntary petitions under Chapter 11 of the Bankruptcy Code in U.S. Bankruptcy Court for the District of Delaware. The company’s operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the company. Molycorp has obtained commitments from a group of its 10% senior secured noteholders, led by JHL Capital Group, JMB Capital Partners and QVT Financial, for up to $225M in gross proceeds of debtor-in-possession financing, subject to court approval, which will be used to support operations during the Chapter 11 period. Approximately $40M of this amount is expected to be made available to the company immediately after an initial court hearing, with approximately another $90M available subject to court approval at a further hearing at the end of the first month of the case. The remainder is available on a delayed basis and subject to lender conditions. "Employees are working their usual schedules. Purchasing of goods and services will continue, with all purchases made after today's filings granted a special administrative priority under the law," Molycorp said. It expects to receive notice from the New York Stock Exchange that its shares will be delisted from the NYSE within nine calendar days of notification. It expects that its shares will be traded on the OTC Pink Sheets exchange.
June 24, 2015
17:57 EDTNSANYWall Street applauds Senate giving go-ahead for 'fast track' trade powers
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June 23, 2015
16:05 EDTMCPMolycorp, MCP Exchangeco report postponement of FY15 annual meetings of holders
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June 22, 2015
05:53 EDTMCPStocks with implied volatility movement; MCP NCR
Stocks with implied volatility movement; Molycorp (MCP) 536, NCR Corp. (NCR) 41 according to iVolatility.

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