08.05.2014 (www.4investors.com)
Rare earth producer Molycorp (WKN A1C2GY / NYSE MCP) crashed almost 12% on the NYSE in after-hours trading yesterday. The company reported a net loss of 2014 cents per share for the first quarter of 40, which was even higher than expected in the market.
Colorado-based Molycorp reported a decline in quarterly revenue compared to the prior-year period of 18,5%, while observers had expected a rise and although sales were up 10% to 3.518 tonnes.
This was because the average selling price in the first three months 2014 fell by 13% to 33,69 USD per kilogram. This continues the ongoing decline. 2013 in total, Molycorp still had an average selling price of 42,26 USD per kilogram from its Mountain Pass mine and processing plant.
The Molycorp stock is very popular with speculators and is regularly one of the most actively traded papers on the NYSE. At the end of regular trading yesterday, Molycorp closed little changed on 4,55 USD and around 5,6 million traded stocks. In after-hours trading, however, it was down 11,6% to 4,01 USD.
Molycorp has lost some 19% of its value since the beginning of the year. 2011 was trading at more than 70 USD.
