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There are a number of ways to do this, depending on what type of MP4 you're trying to make. Is it for an iPod or other Apple device? Look under Share/Devices. Many other options are under File/Export/Movie.
I do a full discussion of all of these export and share options in this month's Steve's Tips articles, by the way, on the products page at http://www.muvipix.com. The basic Share outputs is a free article; the advanced Export outputs are in my members-only sequel article.
Muvipix.com, a site set up by a number of experienced Premeiere Elements users with some support from Adobe, offers one of the most friendly, helpful forums on the web and includes a large number of complimentary products including tutorials, tips, DVD templates, stock footage, motion backgrounds and sound effects. And, for a small annual fee which we use to keep the site up and running, you can have unlimited downloads from our ever-growing library of high-end tutorials, tips and products.
Yes I don't like "share" either. It conjures up images of someone unburdening themselves of mental problems. ("Let me share my experiences with you". "Thanks for sharing with me".) Adobe is not the only one, however. With Serif Panorama Plus, you click on the Share tab in order to "export" the stitched image.
I'm not all that enraptured with "export" either. What is wrong with "output"? There was a time when "export" was only used for foreign (non-native) output formats.