We recently published 10 Stocks With Unbelievable Gains This Week. MP Materials Corp. 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. 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 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 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. 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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This article is originally published at Insider Monkey.
