Home Wealth  Money Molycorp Misses Estimates, Rare Earth Miner's Stock Tanks

Molycorp Misses Estimates, Rare Earth Miner's Stock Tanks

Posted: Nov. 12th, 2011  |  By Forbes

powered by Forbes

RSS Syndicated News Email a Friend Suggest an Article Share Visit Website

Rare-earth miner Molycorp reported it swung to a profit for its fiscal third quarter on Thursday on higher prices for the minerals it produces.

Profits totaled $48.4 million, or $0.52 per share, compared to a loss of $10.1 million, or $0.15 per share, in last year's third quarter.

Adjusted earnings of $0.67 per share fell short of analyst expectations, however.

Revenue surged to $138.1 million from $8.5 million in 2010, still below analyst forecasts.

Molycorp shares are trading down over 12% Friday.

The Rare Earth/Strategic Metals ETF is trading up about .3% today. Molycorp is the fifth-largest holding in the fund.

Other US-listed companies in the top holdings include Titanium Metals (nyse: TIE - news - people ) , trading up over 1.5% Friday.

Eighth-largest holding, RTI International Metals (nyse: RTI - news - people ) is trading up over 1.4% Friday, while ninth-largest holding Thompson Creek Metals shares are trading up over 1.5%.

Market News Video produces and distributes online videos about stocks and investing.




Share on Facebook Share
See Next Article
Need to Get Away?
Top 10 Business Hotels
Who says you canít mix business with pleasure?
Read More
More Articles from Forbes.com

advertisement
Quick Links
Autos
Boating
Real Estate
Luxury Travel
Fashion
Search Real Estate
Find Your Dream Home
Search for homes by
State, Country or Style.
Event Calendar
advertisement
Current News & Features
Wine for Beginners: Perfect These Terms and Taste Like a Pro!
$17.8M Little Hawkins Island Resort Home is Jam-Packed With Customized Goodies
If You Spot Celebrity Chef Mario Batali in His Summer Hideout, Introduce Yourself! Chef's Orders
Recap: Pebble Beach Concours d'Elegance Awards the World's 5 Most Elegant Cars, Plus We Pick Our Favorite Moment
From Smoked Puffin Breast to Whale Pepper Steak: 4 Must-Try Reykjavik Restaurants
Tesla Makes Big Move Towards Globalizing Their Superchargers by Striking Airbnb Deal
It May Not Be Surround Sound, But Grain Audio's Compact PWS Will Certainly Make You Think It Is
Watch a $6.2M Superyacht Sink Off the Coast of Greece & Be Glad It's Not Yours
The Aervana Wine Aerator Leaves Sediment in the Bottle Where it Belongs
ArtPrize is a Mega Art Event You Probably Didnít Know Existed
See the complete list
 
Featured Photo Gallery
See the complete list
THINGS WE LIKE