MP Materials (MP) Soars to All-Time High After Clinching $500-Million Deal with Apple

We recently published Lackluster Tuesday? Not for These 10 Stocks on Sky High. MP Materials Corp. (NYSE:MP) is one of Tuesday's top performers.

MP Materials rallied for a second day on Tuesday to hit a new all-time high after clinching a $500-million deal with technology giant Apple Inc.

At intra-day trading, MP Materials Corp. (NYSE:MP) soared to a new 52-week high of $62.87 before paring gains to end the day at $58.22 apiece, or 20 percent higher than the previous day’s close.

In a statement on the same day, Apple pledged to purchase US-made rare earth magnets developed at MP Materials Corp.’s (NYSE:MP) flagship Independence facility in Fort Worth, Texas, and that it would work with MP Materials Corp. (NYSE:MP) to build out the state-of-the-art Texas factory with a series of neodymium magnet manufacturing lines specifically designed for Apple products.

The new equipment and technical capacity will allow MP Materials to significantly boost its overall production.

Once built, the produced magnets will be shipped across the country and all over the world.

Apple said the partnership forms part of its $500-billion expansion plan in the US over the next four years.

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Disclosure: None. This article is originally published at Insider Monkey.