Mp Materials Corporation (MP)

MP Materials Corporation Stock (MP) dropped by 1.79% from $16.72 to $16.42 in the trading on Friday November 03, 2023. The reason why MP stock down today is due to its third-quarter earnings results. Rare earths miner MP Materials plunged into the red in the third quarter, reporting a net loss of $4.3 million (2 cents per share) due to inflationary pressures and declining prices for these critical minerals. This marks a significant reversal from the company's strong showing a year ago, when it posted a net profit of $63.2 million (33 cents per share).

MP Materials Corporation Stock (MP) dropped by 11.0% from $35.82 to $31.89 in the trading on Thursday March 02, 2023. The reason why MP stock down today is due to Tesla’s plans to cut back rare-earth-metal usage. MP Materials plummeted more than 10% after Tesla's "Master Plan 3" revealed a rare earth-free motor in its next-gen EV. A Tesla official disclosed that the company’s new transistor package will use 75% less silicon carbide than previous models. This potential industry blow, as analysts warn, comes with Tesla also reducing its silicon carbide use, highlighting growing efforts to find substitutes for these expensive and environmentally-sensitive materials in the booming EV world. This news could be especially detrimental to MP stock if other EV companies choose to follow suit.