President Obama Confirms Rare Earths Case Against China (MCP)

By Jon C. Ogg Published Mar 13, 11:52AM EDT

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As expected, President Obama confirmed on Tuesday a case at the World Trade Organization where China was manipulating the price and access to rare earth materials. The President said that the United States wants to manufacture more and more goods which actually require rare earth oxides and rare earth materials, but the manufacturing requires those rare earths which China supplies. Shares of Molycorp, Inc. (NYSE: MCP) are now up 5.3% at $31.43 after having been up only about 3% earlier this morning. As Molycorp remains the only real U.S.-based production grade facility.

The $31.43 share price compares to a 52-week trading range of $23.05 to $79.16, and Thomson Reuters has a consensus price target objective of just over $40.00. Molycorp has a market cap of $2.6 billion.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.