The Mosaic Company (NYSE:MOS) is one of the 10 Stock Market Casualties You Can’t Ignore Today.
The Mosaic Company fell for a third day on Friday, slashing 9.96 percent to close at $23.59 apiece, as investors took path from Bank of America’s (BofA) downgraded rating for its stock amid the impact of the ongoing tensions in the Middle East.
In a market note, BofA turned neutral for The Mosaic Company (NYSE:MOS), after issuing a “buy” recommendation previously, citing inflation in raw materials due to the Iran war.
While BofA remains bullish about the phosphates market, with prices expected to remain elevated over time, the war in the Middle East could cause inflationary pressures on sulfur and ammonia, which could dent The Mosaic Company’s (NYSE:MOS) earnings growth and cash flow moving forward.
In other news, The Mosaic Company (NYSE:MOS) earlier this month announced efforts to ramp up expansion into rare earths production with its planned development of the Uberaba mine site in Brazil.
Pixabay/Public Domain
The initiative will be made through its subsidiary, Mosaic Fertilizantes P&K Limitada, in partnership with Rainbow Rare Earths Ltd.
The two parties have already completed an economic assessment for the site, which indicated a processing potential of 2.7 million tons of phosphogypsum per year; 1,900 tons of separated neodymium and praseodymium oxide; and 600 tons of a samarium, europium, and gadolinium product rich in medium and heavy rare earth elements.
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