Nokia Shares Up 5%, Molycorp Fades 1% in Trading Action
As the DJIA and S&P 500 Index are receiving a mid-day lift, the following companies are hitting headlines with news catalysts:
Molycorp, Inc. (NYSE:MCP): Today Molycorp, Inc. shares are trading lower 1%. Molycorp said 78 percent of the Phase 1 rare earth produced in the company’s new Mountain Pass, California manufacturing facility, which becomes active in 2012, has been dedicated to the manufacturing of the Company’s XSORBXA water treatment products or is already held by customer contracts. The company announced it has signed agreements with customers covering 58 percent of its Phase I production, and has assigned another 20 percent to the production of XSORBXÂ, for a total of 78 percent of the 19,050 metric tons of rare earth oxide equivalent that it expects to produce each year under Phase 1 at its flagship rare earth facility in Mountain Pass, California. The company also noted that an additional six percent of Phase 1 production is in final stage discussions with customers.
Mosaic Co (NYSE:MOS): Mosaic Co shares are trading higher following the company’s latest earnings release. On the company’s Q2 earnings call, the CEO said: “Corn prices are well ahead of historical levels and farmers are getting powerful signals to produce more. Farm economics remain strong and underpin record global phosphate and potash demand forecasts. There is more confidence among farmers than crop input distributors, as evidenced by large pre-paid purchases before year end. These purchases by farmers will eventually end up in our order book.”
Nokia (NYSE:NOK): Credit Suisse upgraded Nokia to Outperform from Underperform. Smartphones now make up 55 percent of total handset sales in the Taiwan market
Dendreon (NASDAQ:DNDN): A couple of good quarterly reports could help Dendreon’s shares can make their way back to the $20’s, said JP Morgan. The analyst sees risk/reward as positive and restates its Overweight rating.
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