MP - Why MP Materials Stock Rallied 18% in Early Trading Today
Shares of rare earth-focused MP Materials (NYSE: MP) rose as much as 18% in the first 90 minutes of trading on Feb. 16. Although the miner, which only came public via a blank check company in late 2020, is going to be releasing its first quarterly earnings report as a public entity on Feb. 18, there was nothing particularly special about today for MP Materials. But that doesn't mean that nothing important happened.
As noted above, MP Materials mines rare earth metals. These materials are key ingredients in modern technology products, notably magnets. That may not sound exciting, but without the rare earth metals for which MP Materials mines, a huge number of high-tech products wouldn't get made. That includes defense products, which is where things start to get interesting.
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Why MP Materials Stock Rallied 18% in Early Trading Today