Molycorp Inc. (NYSE: MCP) took it on the chin yesterday after the rare-earth player announced another delay at its Mountain Pass, Calif. mine and conceded that problem would result in lower-than-expected revenue and cash flow.
The stock, which closed at $10.79 a share on Wednesday, plunged as much 25%, before rallying to close at $8.33, down 22.80% on the day.
I arrived at work yesterday morning to find e-mails from a number of you folks on this particular topic, including this one from subscriber Ellen S.
"Bill: Any suggestions on MCP today? Is this a great buying opportunity, or time to sell?"
Money Morning's Executive Editor, Bill Patalon, just found out that a CEO of a lucrative defense company recently snapped up 30,000 shares of his own stock. Bill expects shares to go up 108%. Here's why...