Apple, MP Materials
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After nearly doubling in value over the last week and closing at a record high Wednesday, shares of MP Materials are sinking premarket Thursday after the rare earths miner announced plans to sell new stock.
MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .
Lucid soars after announcing a self-driving partnership with Uber Technologies and Nuro, Taiwan Semiconductor Manufacturing reports a record profit in the second quarter, and PepsiCo’s adjusted earnings top forecasts.
MP Materials launched a $500M public offering of common stock, and expects to grant a 30-day underwriters option to purchase up to an additional 15% of shares to be sold in the offering.
In a decisive action to bolster the U.S. supply chain for rare earth magnets—essential elements for fighter jets, missiles, and electric vehicles—the
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MP Materials has a large amount of cash at hand and strong demand for rare earth magnets, with new partnerships announced. Read why I'm rating MP stock a buy.
MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.