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What: Shares of rare-earth mineral miner Molycorp (NYSE: MCP ) fell 28% today after the company reported earnings.
So what: Revenue rose 5% to $104.6 million in the second quarter, but the company reported a loss of $67.6 million, or $0.71 per share. Analysts had expected $105.9 million in revenue and a profit of $0.03 per share.
Now what: Prices for rare-earth minerals have fallen off a cliff, and Molycorp's financials are suffering as a result. It has tried to add downstream production to ease the pain in pricing, but so far it has yet to lift earnings. Until Molycorp reaches full production and prices stabilize, I'm staying far away from this stock.
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