Albemarle Stock Crashed Today -- Is It a Buy?
With seemingly every car company on the planet working hard to bring a new electric vehicle model -- or 30 new EV models -- to market, you might think that right now would be an excellent time to be in the lithium business. After all, each of those electric vehicles is going to need a large rack of rechargeable batteries to run it, and since lithium is a key element in most of those batteries, it stands to reason that demand for the metal would be through the roof.
That's actually not far from the truth -- but it isn't helping the stock price of lithium miner Albemarle (NYSE: ALB) much Thursday.
Albemarle stock crashed by more than 18% at one point during the session, and the sell-off seems to be sticking for the most part, with the price still down about 17.6% as of 2:07 p.m. ET. And yet, didn't Albemarle beat earnings when it reported on its fourth quarter Wednesday night? And doesn't that mean that Albemarle stock is therefore a buy on this dip?
Source Fool.com
