Future Demand Concerns Send Molycorp Shares Down 5.6% (MCP, TM)

Shares of Molycorp, Inc. MCP ended Friday trading down 5.6% at $46.13 per share. Stocks in the rare earths sector took a hit after it was reported by Bloomberg that Toyota Motor Corporation TM was looking into building its hybrid vehicles without the use of rare earths metals, due to ongoing supply concerns. The day's trading range for shares of Molycorp, Inc was $44.93 to $48.39 per share. Analysts covering Molycorp, Inc. MCP stock give it a consensus price target of $54.67 per share. Trading volume for Molycorp, Inc was heavier than usual, with 8.7 million shares traded today, nearly double the daily average volume of 4.6 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. Read more from Benzinga's Company news.