MP Materials, Defense Dept
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China, MP Materials and Rare Earth
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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.
As of 10:17 a.m. ET on Friday, shares of MP Materials stock had climbed 6.5%.
MP stock soars as the U.S. Defense Department becomes the company’s largest shareholder. Investors are still recommended to tread with caution.
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GlobalData on MSNMP Materials and DoD to expand US rare earth magnet supply chainUS-based rare earth producer MP Materials has entered a public-private partnership with the US Department of Defense (DoD) to advance the domestic rare earth magnet supply chain and lessen reliance on foreign sources.
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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.