Page 211 - Basic Materials Resources News Today

BofA Securities analyst Matthew DeYoe upgraded Albemarle stock to Hold from Sell. He had downgraded the lithium minter to Sell only about four weeks ago.

The Bureau of Labor Statistics reports the consumer price index for April on Wednesday. Economists expect a 5% rise from April 2022, matching March.

Separately, a Pennsylvania man was sentenced to 14 years in prison for attacking police at the Capitol with chemical spray and a chair

Canadian miner Teck cites suitor’s coal and oil businesses in rejecting offer from European company

New U.S. legislation points to the world being short of copper in a few years. A few big mining firms could be huge beneficiaries.

The CEO of Rio Tinto said he was interested in expanding the company’s lithium business, but mindful of paying too much for more of the battery material used to power electric cars.

Wednesday evening, Albemarle reported first-quarter adjusted earnings per share of $10.32 from sales of $2.6 billion. Wall Street was looking for $7 and $2.7 billion, respectively.

The company said demand was above historical rates as it reported a narrower quarterly loss than expected and raised its financial forecasts.

PacWest says deposits are rising and that its in ongoing discussions with partners and investors, First Horizons merger deal with TB Bank is mutually terminated, Arconic will be bought by Apollo Global Management, and Paramount slashes its dividend.

The aluminum-products company reported a lower first-quarter profit than Wall Street had expected.