MP Materials Spikes After-Hours — Here's Why The Stock Is Trending Tonight
MP Materials Corp (NYSE:MP) stock is trending on Wednesday, following a major deal with tech giant Apple Inc (NASDAQ:AAPL).
Check out how MP stock is trading here.
What Happened: MP Materials’ stock price witnessed a surge by 3.52% to $60.27 after hours on Tuesday.
Earlier in the day, the company’s stock had surged by 19.99% to $58.22, following the news of a $500 million deal with Apple for rare earth magnets. This deal is expected to bring the supply of these crucial materials back to the U.S.
This agreement was announced on Tuesday, and it led to a surge in the company’s stock price.
These developments have boosted MP Materials’ stock, which has been on the rise since the beginning of the week.
Why It Matters: The rare earth sector has been gaining attention due to the global competition for critical minerals essential to clean energy, defense, and high-tech industries. MP Materials, a U.S.-based company, has been at the forefront of this sector.
Earlier in the week, MP Materials announced a public-private partnership with the U.S. Department of Defense, involving a multi-billion dollar investment and long-term commitments. This partnership has been seen as a strategic move to secure the U.S.’s access to critical minerals and counter China’s dominance in the market.
These recent developments have not only boosted MP Materials’ stock but have also had a ripple effect on the domestic critical minerals sector, with companies like USA Rare Earth Inc (NASDAQ:USAR) also witnessing a surge in their stock value.
Price Action: MP stock closed up at 19.99% at $58.22 during regular trading hours on July 15.
With a strong Momentum in the 98th percentile, Benzinga’s Edge Stock Rankings indicate, MP Materials stocks have positive trends across all time frames. Know how the stock fares on other parameters here.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: La Terase from Shutterstock
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