Why Lithium Americas Stock Fell in October While the Market Gained
Shares of Lithium Americas (NYSE: LAC), a development-stage lithium mining company, declined 5.2% in October, according to data from S&P Global Market Intelligence. For context, the S&P 500 and Nasdaq Composite indexes returned 8.1% and 3.9%, respectively, last month.
The catalyst for this lithium stock's October underperformance was news that the hearing for an appeal of a federal regulatory approval for its Nevada project was set for January, which is further out than many investors were probably hoping to see. Investors are eager for the company to move into the commercialization stage to capitalize on the booming demand for lithium, which is needed to make batteries for electric vehicles (EVs).
This month, Lithium Americas stock is up 6.3% as of Nov. 7, while the S&P 500 is down 1.7% over this period.
Source Fool.com
