Molycorp Delays Financial Results, Stock Price Falls

Reuters reported that stock price of Molycorp tumbled as they announced that they have delayed release of financial results, which are expected to reflect a hefty impairment charge.

As quoted in the market report:

The company said almost the entire impairment charge will relate to last year’s $1.3 billion acquisition of rare earth processor Neo Material Technologies Inc, as it writes down the value of the goodwill associated with the deal.

To view the whole Reuters report, click here.