Why Lithium Americas Stock Just Popped 16%
Tesla's (NASDAQ: TSLA) Battery Day event earlier this week was not good news for lithium mining stocks like Lithium Americas (NYSE: LAC). (It wasn't terribly good news for Tesla stock, either, for that matter.)
After Tesla CEO Elon Musk voiced his intentions to try his hand at mining lithium from the Nevada desert -- in-house, as a vertical integration of raw materials into battery production -- shares of Lithium Americas (and other lithium mining stocks) tumbled on fears Tesla might not need them anymore.
From last week's close to the end of trading yesterday, Lithium Americas stock fell 30%. But today, some of those losses are being reversed. As of noon EDT, shares of Lithium Americas stock are up a strong 15.9%.
Source Fool.com
