Ahead of the Bell: Molycorp jumps

Molycorp shares soar on news of SEC probe's completion with no action to be taken

Associated Press

NEW YORK (AP) -- Shares of Molycorp Inc. soared before Friday's opening bell on news that the Securities and Exchange Commission completed a formal investigation into its public disclosures, recommending no enforcement action be taken against the company.

Molycorp made the disclosure after markets closed Thursday. In premarket trading, the Greenwood Village, Colo., rare-earth minerals company's shares jumped 60 cents, or 11 percent, to $6.21.

Regulators launched the probe into the accuracy of Molycorp's public disclosures, among other issues, last August. At the time, the company said it was cooperating with the SEC.

Over the past year, Molycorp shares have lost about 73 percent of their value.

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