MP Materials (MP) Soars 40% on Multi-Billio Dollar Deals

We recently published 10 Stocks With Unbelievable Gains This Week. MP Materials Corp. (NYSE:MP) is one of this week’s biggest players.

MP Materials climbed by 40.15 percent week-on-week to hit a new all-time high as investors gobbled up shares after clinching a $500-million partnership with technology giant Apple Inc.

At intra-day trading on Friday, MP Materials Corp. (NYSE:MP) touched a new 52-week high of $64.51 before a slight profit-taking pulled its shares to end the day at $63.22.

The rally followed news from Apple that it committed to gobble up US-made rare earth magnets from MP Materials Corp.’s (NYSE:MP) flagship Independence facility in Fort Worth, Texas, and that it would work with the company to build out a state-of-the-art Texas factory with a series of neodymium magnet manufacturing lines specifically designed for Apple products. The initiative is expected to boost MP Materials Corp.’s (NYSE:MP) overall production.

Once built, the produced magnets will be shipped across the country and all over the world.

Prior to its partnership with Apple, MP Materials Corp. (NYSE:MP) also sealed a multi-billion-dollar deal and $400 million investment with the Department of Defense (DOD) to ramp up the production of rare earth minerals in the US.

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Disclosure: None. This article is originally published at Insider Monkey.