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Stock Market & Financial Investment News

News Breaks
January 23, 2013
08:00 EDTMCPMolycorp sees 2013 cash shortfall of $250M before proposed offering
In a regulatory filing, Molycorp (MCP) updated investors with respect to its current operations and capital needs, including with respect to its Mountain Pass, California rare earth mine and processing facility. In November 2012, the company disclosed the aggregate cost of Project Phoenix Phase 1 and Project Phoenix Phase 2 was estimated to be approximately $1.25B and expected $90M of other capital expenditures at Mountain Pass, for total capital expenditures at Mountain Pass of $1.34B. The company currently estimate that Project Phoenix will cost an additional $80M to complete. As a result, expected capital expenditures for Project Phoenix and other capital projects at our Molycorp Mountain Pass facility total approximately $1.42B. Molycorp added, "During the fourth quarter of 2012, our revenue and cash flow from operations were significantly less than originally expected...Estimated sales volumes for our four reportable segments, Resources; Chemicals and Oxides; Magnetic Materials and Alloys; and Rare Metals, totaled approximately 3,200-3,400 mt as compared to our prior estimate of approximately 6,100 mt...Given the combination of ramping up toward our initial planned run rate of 19,050 mt per year at our Molycorp Mountain Pass facility and the current pricing environment of REEs, we are anticipating significantly lower than expected revenue and cash flow for the first half of 2013 and have therefore determined that we need to raise additional financing to ensure we have adequate funding for our needs. Based on our current estimated revenue and cash flow, we presently anticipate that we will have a cash shortfall for 2013 of approximately $250 million without giving effect to our proposed common stock offering and convertible notes offering or any revolving credit facility or equipment financing."
News For MCP From The Last 14 Days
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April 24, 2015
09:20 EDTMCPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: eHealth (EHTH), up 24.7%... Starbucks (SBUX), up 4.2%... Microsoft (MSFT), up 5.2%... Google (GOOG, GOOGL), up 3.2% and up 3.7%, respectively... Amazon (AMZN), up 12% after reporting quarterly results and announcing shopping app for Apple Watch... Gigamon (GIMO), up 16.5%... Juniper Networks (JNPR), up 6.6%. ALSO HIGHER: Molycorp (MCP), up 10.2% following a Bloomberg report that China's export tax decision may boost rare earth demand... Mattel (MAT), up 4.4% after being upgraded to Buy from Neutral at Goldman... Innocoll (INNL), up 13.1% after 3.3M share Secondary priced at $9.00... Cytosorbents (CTSO), up 9.7% after CEO comments on CytoSorb in letter to shareholders. DOWN AFTER EARNINGS: Biogen (BIIB), down 4.7%... Altera (ALTR), down 1.7%... Pandora (P), down 4%... ResMed (RMD), down 8.7%... Xerox (XRX), down 4.7%... HomeAway (AWAY), down 3.6% after reporting quarterly results and departure of officers. ALSO LOWER: Ubiquiti (UBNT), down 14.4% following CFO resignation and preliminary third quarter results... 3D Systems (DDD), down 10.4% after reporting preliminary first quarter results... StemCells (STEM), down 23.2% after filing to sell common stock... Aerie Pharmaceuticals (AERI), down 54.7% after Rhopressa Phase 3 trial did not meet primary endpoint.
09:04 EDTMCPLynas: China's export tax decision may boost rare earth demand, Bloomberg says
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April 20, 2015
16:01 EDTMCPOptions Update; April 20, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 21.52. Option volume leaders: AAPL VZ PBR TWTR TSLA TWTR NFLX MCP FB AMZN AA C according to Track Data.
April 16, 2015
06:35 EDTMCPMolycorp rally yesterday 'way overdone,' says JPMorgan
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April 15, 2015
16:01 EDTMCPOptions Update; April 15, 2015
iPath S&P 500 VIX Short-Term Futures down 49c to 21.90. Option volume leaders: AAPL NFLX C PBR KMI RIG MCP TWTR GILD BAC according to Track Data.
09:08 EDTMCPOn The Fly: Pre-market Movers
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07:14 EDTMCPMolycorp selected by Siemens to supply rare earth materials
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