Molycorp Inc. (NYSE:MCP) is expected to report $0.66 per share with over $161 million in revenues. The conference call is set for Thursday, November 10th at 4:30. Click here for the webcast presentation. Although the dipped to below 38 on friday morning the finished the week up nearly 5% at 40.18 on strong volume. Molycorp is a rare earth oxide producer in the Western hemisphere, who produces metals to be used in wind turbine production. See more about the company in our wind turbine stocks to buy report.
The late friday jump may be attributed to rumors that the US might begin to stockpile rare earth metals in response to a growing concern about China’s mining companies and their ability toprovide a constant supply. Rep. Mike Coffman, R-CO, told the Financial Times that he supports the creation of a strategic reserve, commenting that the US is over-reliant on rare earths imported from China. He even went so far as to call China an “unreliable trading partner.”
It might be worth keeping an eye on Molycorp Inc. and see where this rumor leads. With a P/E ratio of over 160 and an earnings announcement on Thursday this is one under sung wind turbine stock that could skyrocket if both earnings and stockpiling rumors play out positively.