Pre-Market MOVERS: Apple Remains Hot, Molycorp Jumps 6%
Shares of Molycorp (NYSE:MCP) popped 5.99 percent in pre-market trading. The company announced it is starting up operations at its Project Phoenix facilities in Mountain Pass, California. Molycorp’s on-site Combined Heat and Power plant will also begin supplying cheap and high efficient electrical power to its Mountain Pass facilities.
Apple (NASDAQ:AAPL) shares continued to attract attention this morning after posting a near 2 percent gain on Monday. A long-running patent case between Apple and Samsung finally had its first moment of clarity over the weekend. Nine jurors delivered a huge win for Apple, awarding the company $1.05 billion in damages due to Samsung copying critical and patented features of the iPhone and iPad. Furthermore, the jury found that Apple did not violate any of Samsung’s patents. Apple sought $2.5 billion to $2.75 billion in damages, but the judge could still decide to triple the amount decided by the jurors. Nokia (NYSE:NOK) shares also rallied on the news, as it looks to gain ground on Samsung.
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Tiffany & Co (NYSE:TIF) shares are trading lower this morning after gaining 7.2 percent during regular trading hours on Monday. The world’s second largest luxury jewelry retailer reported that sales at stores open at least a year dropped 1 percent, better than expected. Tiffany’s comparable-store sales decline was “not as bad as feared,” Brian Nagel, an analyst at Oppenheimer & Co. in New York, explained in a note, according to Bloomberg.
Shares of Best Buy (NYSE:BBY) are up 1.40 percent this morning. The big box retailer and founder Richard Schulze announced yesterday they had reached an agreement to allow Schulze to perform due diligence on the company. Business Wire reports, “Best Buy stated that the agreement establishes a non-exclusive, orderly process which satisfies the requests made by Mr. Schulze, while at the same time protecting the interests of all shareholders. Mr. Schulze stated that he was pleased that an agreement was reached which will allow him to conduct the due diligence he had sought.” Shares closed more than 3 percent higher during regular trading, and continued to tick higher in late afternoon hours.
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