Shares of rare earth miners were boosted by a narrower fourth-quarter loss and positive comments from Molycorp Inc. Monday. The company’s net loss shrank to $194.3 million, or $0.95 a share, for the fourth quarter of 2013, from $359.6 million, or $2.91 a share, a year ago. "Toward the end of 2013, we saw customers working into their inventories and some of that demand coming back, which is good," said Molycorp’s CEO Geoff Bedford. Here is how some rare earth companies reacted Monday:
Avalon Rare Metals Inc. (NYSEMKT: AVL)(TSX: AVL) shares traded in the range of $0.64 to $0.70 Monday before settling to close at $0.70, an increase of 4.48 percent. The stock appears to be facing some resistance at the $0.83 and $0.86 levels with some support at $0.66 and $0.59. Shares of Avalon Rare Metals have gained approximately 27.0 percent year-to-date.
More information on Avalon Rare Metals and access to the free equity report can be found at:
www.WallStreetFundamentals.com/AVL
Molycorp Inc. (NYSE: MCP) shares traded in the range of $5.18 to $5.46 Monday before settling to close at $5.25, an increase of 0.57 percent. The stock appears to be facing some resistance at the $5.25 and $5.58 levels with some support at $5.12 and $4.75. Shares of Molycorp have fallen approximately 6.0 percent year-to-date.
More information on Molycorp and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MCP
Quest Rare Minerals Ltd. (NYSEMKT: QRM)(TSX: QRM) shares traded in the range of $0.48 to $0.53 Monday before settling to close at $0.52, an increase of 4.0 percent. The stock appears to be facing some resistance at the $0.54 and $0.57 levels with some support at $0.48 and $0.41. Shares of Quest Rare Minerals have gained approximately 10.0 percent year-to-date.
More information on Quest Rare Minerals and access to the free equity report can be found at:
www.WallStreetFundamentals.com/QRM
Rare Element Resources Ltd. (NYSEMKT: REE) shares traded in the range of $1.67 to $1.89 Monday before settling to close at $1.81, an increase of 6.47 percent. The stock appears to be facing some resistance at the $1.87 and $2.12 levels with some support at $1.80 and $1.65. Shares of Rare Element Resources have gained approximately 16.0 percent year-to-date.
More information on Rare Element Resources and access to the free equity report can be found at:
www.WallStreetFundamentals.com/REE
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