Why Standard Lithium Stock Is Soaring Today
Shares of Standard Lithium (NYSEMKT: SLI) jumped on Thursday, finishing the day up 11.7%. The rise came as the S 500 (SNPINDEX: ^GSPC) gained 0.3% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was flat.
Standard Lithium moved higher alongside much of the industry after MP Materials announced it had inked a major deal with the Department of Defense (DoD).
MP, which owns the sole operating rare earth mine in the US, announced this morning that the Pentagon is purchasing $400 million worth of shares in the company. The DoD is now the largest shareholder, controlling more than 15% and nearly twice that of CEO James Litinsky and Advisors.
Source Fool.com
