After such a rapid rise, on what what really only minimally positive news I have been expecting a pullback as well.
Bear in mind the catalyst for this move was an increase in their forecast earnings from 25cps-30cps to 30cps. Arguably not an upgrade at all? In any event, the market generally tends to treat a sp in line with any revision, eg a 10% +/- in guidance has a similar, or slightly greater % impact on the sp.
In the case of MCP, the 25cps to 30cps guidance increase (20%) has resulted in an 80% sp increase.
Can't help wondering if there is something else to the story?
MCP Price at posting:
$1.22 Sentiment: None Disclosure: Held
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