Why Albemarle Stock Is Crashing Today
(NYSE: ALB) stock slumped by double digits this morning and was trading 13.4% lower as of 10:40 a.m. ET Tuesday. The world's largest lithium producer is raising money to fund growth capital expenditures among other things, and the market believes it's a sign of how difficult the business environment remains for lithium companies.
Albemarle said it plans to sell $1.75 billion worth of depositary shares, each representing 1/20th interest in mandatory convertible preferred stock. Albemarle intends to list the depositary shares on the New York stock Exchange.
Albemarle says it expects to use the proceeds for general corporate purposes, which may include the funding of its growth projects, particularly the construction and expansion of operations in Australia and Chile.
Source Fool.com
Albemarle Corp Stock
Our community is currently high on Albemarle Corp with 18 Buy predictions and 10 Sell predictions.
However, we have a potential of -9.6% for Albemarle Corp as the target price of 103 € is below the current price of 113.94 €.
