Diamonds and Dogs
1/10/13Molycorp Inc. (MCP)
Molycorp is in the red today, down 22.80% at $8.33. The rare earth mineral company saw shares crash after the company slashed its 2013 outlook. Based on a revised schedule, and drops in prices of rare earth materials, Molycorp said it expects its revenue and cash flow to be lower than expected. Furthermore, the company said that it would not move forward with phase two of one of its projects (which would double its production capacity), until market demand, prices, capital availability and financial returns justify higher production. Molycorp is still well above its 52-week low of $5.75.
Nokia Corporation (NOK)
Nokia Corporation gained momentum today, up 18.93% at$4.46. The telecommunications company saw shares explode after surprising Lumia phone sales. Nokia said it sold 4.4 million units of the Lumia; up sharply from 2.9 million sold in the third quarter. CEO Stephen Elop said, "Solid execution against our strategy enabled us to exceed expectations." Nokia has consistently missed analyst's estimates, however today Nokia surprised many with its sales. Nokia shares traded up near their 52-week high of $5.87.