MP Materials Corp. (MP) shares jumped 46.75 percent to $44.07 after announcing a major public-private partnership with the U.S. Department of Defense to expand domestic rare earth magnet production and reduce foreign reliance.
Shares opened at $48.10 and traded between $42.86 and $48.01 on heavy volume of over 60.9 million shares, far above the daily average. The stock is now near the top of its 52-week range of $10.02 to $48.01.
The multibillion-dollar initiative includes the construction of a second U.S.-based magnet manufacturing facility, expected to start commissioning in 2028, boosting capacity to 10,000 metric tons annually.
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Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.