Laves phases of $NdFe_2$, $Nd{(Fe_{0.5})}_2$, $SmCo_2$ and $Sm{(Fe_{0.5}Co_{0.5})}_2$ stoichiometry were prepared using a rapid solidification technology. Low temperature magnetic properties show ferromagnetic behaviors for the $Nd{(Fe_{0.5}Co_{0.5})}_2$, $SmCo_2$ and $Sm{(Fe_{0.5}Co_{0.5})}_2$Nd(Feo,Coo,) Laves compounds while a sort of spin reorientation has been suggested for the supposed composition of $NdFe_2$ alloy. This rapidly solidified $NdFe_2$ alloy is believed to consist of metastable rhombohedral $NdFe_7$ phase plus fine particles of Nd-rich phase. Some evidence of phase transition from the mixture of unstable $NdFe_7$ compound plus Nd-rich to $Nd_2Fe_{17}$ plus Fe-Nd-O phase was obtained after annealing the $NdFe_2$, alloy. The pseudo-binary Laves compound, $Sm{(Fe_{0.5}Co_{0.5})}_2$ exhibits a high coercivityof 4 kOe at room temperature with Curie temperature of $400^{circ}C$ while the $Nd{(Fe_{0.5}Co_{0.5})}_2$ compound shows a magnetic moment of $2.8;{mu}_B/f.u.$.