Here's Why Albemarle Fell as Much as 10% Today
Shares of Albemarle (NYSE: ALB) fell as much as 10% today after the company announced preliminary third-quarter 2019 operating results. The lithium leader is still working out kinks in production processes in South America, dealing with economic weakness in China, and navigating weather-related events -- this time Typhoon Tapah.
As a result, the business reduced full-year 2019 revenue and adjusted EBITDA guidance. Management also told investors that adjusted EBITDA will likely decrease in 2020 compared to this year due to the descending trend in average selling prices and the fact that Albemarle won't enjoy any benefits from production growth.
As of 10:37 a.m. EDT, the former growth stock had settled to a 6.3% loss.
Source Fool.com
