TSLA - Why Tesla's Good News Crashed MP Materials Stock
Shares of rare earth metals miner MP Materials (NYSE: MP) soared after reporting strong earnings last week -- better-than-expected revenues, and profits more than twice the level Wall Street had predicted -- gaining more than 14% over the next two trading days.
But easy come, easy go.
In early trading Thursday morning, MP Materials is taking a big hit, and indeed is giving back all its post-earnings gains -- down 13.3% through 11:15 a.m. ET -- "thanks" to a revelation made by electric vehicle maker Tesla (NASDAQ: TSLA) last night.
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Why Tesla's Good News Crashed MP Materials Stock