This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Molycorp Shares Tumble On Filing Delay

GREENWOOD VILLAGE, Colo. (AP) â¿¿ Shares of Molycorp Inc. tumbled to a new all-time low Thursday after the mining company said it needed more time to file its annual report to account for a hefty impairment charge.

The Greenwood Village, Colo.-based company said it estimates that the noncash goodwill impairment charge will be "substantial." The charge will be recorded for the fourth quarter and will be reflected in the company's full-year 2012 results.

Molycorp was supposed to file its annual report no later than March 1. It now expects to file the report by March 15.

The delay is another blow for the company, which said in January that its revenue and cash flow would be significantly lower than expected in the first half of 2013 and that it would sell a combination of common stock and notes to cover an expected cash shortfall this year of about $250 million.

The company has long been working to expand its Mountain Pass open-pit mine in San Bernardino County, Calif., which became operational earlier in January. That process has been more expensive and taken longer than it expected, crimping production volumes. Meanwhile, prices for the rare earth minerals it produces have dropped significantly, hurting sales.

Rare earth minerals are used in consumer electronics and other products.

Molycorp shares fell 36 cents, or 6 percent, to $5.88 in morning trading, after tumbling to $5.60 shortly after the market opened and passing their previous all-time low of $5.75.

Over the past year, Molycorp shares have steadily fallen, losing about 75 percent of the value.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs