Apple, Materials Stock
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Shares of MP Materials were up 26% in midday trading at $61.19, putting the stock on pace for a record closing high. Apple stock was up 0.6%, while the S&P 500 was flat and the Dow Jones Industrial Average was down 0.6%.
Apple’s investment in the mining company MP Materials will also help the tech giant reduce its dependence on China for rare earth metals.
However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.
1don MSN
MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.
MP Materials is America’s only fully integrated rare earth producer with capabilities ranging from mining to end products. Learn more about MP stock here.