Morning Movers: Molycorp Sinks 5.56%, Apple Surged

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Shares of Molycorp (NYSE:MCP) plunged 5.56 percent in pre-market trading The rare earth company announced CEO Mark Smith resigned. The news comes only a month after Molycorp said it was under investigation by the Securities and Exchange Commission for the accuracy of public disclosures. Constantine Karayannopoulos, vice chairman of Molycorp’s board, will serve as interim president and chief executive. The company is seeking a permanent replacement immediately.

DuPont (NYSE:DD) shares popped 2.59 percent Wednesday in early morning trading. The chemical company and Dow component announced a $1 billion stock buy back program. Furthermore, it expects earnings this year to be in the high end of its $3.25 to $3.30 per share range.

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Shares of Apple (NASDAQ:AAPL) surged 0.97 percent. The iPhone 5 has continued to be the top-seller at AT&T (NYSE:T), Verizon (NYSE:VZ) and Sprint (NYSE:S) outlets, according to checks by R.W. Baird analyst William Power. JPMorgan Chase (NYSE:JPM) also raised its projected fourth quarter iPhone activations at AT&T  to 8 million units, previously at 7 million.

FedEx (NYSE:FDX) shares edged slightly higher yesterday, as the company tries to bounce back from claims it overcharged businesses and the government. A series of emails authored by Alan Elam, a sales executive in Scottsdale, Arizona, and Chris Suhoza, the company’s vice-president for solutions, point to a culture at FedEx of systematically overcharging business and government customers for many years.

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