Molycorp Down 4% After Hitting 52-Week High (MCP)

Shares of Molycorp, Inc (NYSE: MCP) are trading down 4% at $47.46 per share during the Tuesday afternoon trading session.

The company's shares soared to a 52-week high today after the Chinese government lowered its export quotas for rare earth metals.

However, the stock plunged during afternoon trading.

The day's range for shares of Molycorp, Inc has been between $48.41 and $55.22 per share.

The average price target of analysts who cover Molycorp, Inc (MCP) is $37.25 per share.

Volume of 13 million shares is already nearly 4 times the daily average volume of 3.4 million shares.

Molycorp, Inc is the only rare earth oxide, or REO, producer in the Western Hemisphere and currently produces approximately 3,000 metric tons of commercial rare earth materials per year.

Following the execution of Molycorp's "mine-to-magnets" strategy and the expected completion of its modernization and expansion efforts at its Mountain Pass, California processing facility by the end of 2012, Molycorp expects to produce at a rate of approximately 20,000 metric tons of REO equivalent per year and intends to offer a range of rare earth products, including high-purity oxides, metals, alloys, and permanent magnets.

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