Why Arcadium Lithium Stock Popped 12% Today
Arcadium Lithium (NYSE: ALTM) stock soared 12.1% through 10:55 a.m. ET Friday after rumors emerged that the company may be a candidate for a buyout.
Australian daily newspaper The Australian reported this morning that British mining giant Rio Tinto Group may be looking to expand into the lithium industry. More specifically, the paper noted that Arcadium Lithium and Albemarle are two lithium miners that have caught Rio's attention.
Commenting on the Australian story, Barron's pointed out today that lithium prices are in a funk, and that lithium stocks look cheap. Arcadium lithium in particular, which cost north of $13 a share just a couple of years ago, was recently trading below $3 a share (it's back up above $3 on this new news).
Source Fool.com
