Molycorp Rises After Executives Including CEO Buy Shares
By Lydia Mulvany - Nov 23, 2012 11:52 AM ET.
Molycorp Inc. (MCP), owner of the largest rare-earths deposit outside of China, rose the most in two months after executives and a director bought shares.
Shares jumped 10 percent to $7.98 at 11:38 a.m. in New York, after earlier gaining 12 percent, the most intraday since Aug. 29.
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John Ashburn, an executive vice president and the company’s general counsel, bought 10,000 shares and Charles Henry, a director, purchased 45,192 shares, according to filings made after the close of trading on Nov. 21. Chief Executive Officer Mark Smith purchased 20,000 shares at $6.20 each, according to a Nov. 19 filing.
Molycorp plunged to its lowest since its 2010 initial public offering after the Greenwood Village, Colorado-based company said in a Nov. 9 filing that the U.S. Securities and Exchange Commission began an investigation over the accuracy of its public disclosures.
“It looked like a good buy at these prices,” Jonathan Hykawy, an analyst at Toronto-based Byron Capital Markets Ltd. who recommends buying the stock, said in an e-mail. He said some short sellers have been buying shares to cover their positions.
Jim Sims, a spokesman for Molycorp, said he couldn’t immediately comment.
To contact the reporter on this story: Lydia Mulvany in New York at [email protected]
To contact the editor responsible for this story: Simon Casey at [email protected]