Morning Stock Pick General Moly (GMO)
Genereal Moly has one of the largest undeveloped molybdenum mines in North America. Moly is necessary for high strength steel which is used in many industrial applications such as oil drilling and nuclear reactors. Demand is growing again as the economy is bottoming out in China and in other emerging markets. A breakout through $2 on volume will catapult this stock to $5. Arcelor mittal put a lot of money into this company and I wouldn’t be surprised if they got a takeover bid at this level from Thompson Creek Metals.
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