Albemarle Tumbles to Lowest Level Since 2020
24 minutes ago
Shares of Albemarle (ALB), the world’s biggest lithium producer, tumbled as Baird slashed its price target on the stock, pointing to depressed lithium prices.
The stock was down nearly 8% Tuesday afternoon, trading at its lowest levels since November 2020. Albemarle was the biggest decliner on the S&P 500.
Baird lowered its price outlook on the stock to $127 from $170, while maintaining an Overweight rating.
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Baird analyst Ben Kallo said that the price of lithium has stayed at or below the “bottom end of guidance” of $15 per kilogram so far this year. Kallo said that Baird believes that “will set up a weak Q2” for Albemarle. The company is set to report second-quarter results July 31.
Kallo also pointed to concerns about the effect this year’s U.S. elections could have on the electric vehicle (EV) market, which directly affects lithium battery demand.
Nvidia Continues Rising on Optimism About Blackwell Demand
2 hr 22 min ago
Nvidia (NVDA) shares climbed again Tuesday after KeyBanc analysts hiked their price target for the stock, citing better-than-expected demand for Nvidia’s upcoming Blackwell platform to power artificial intelligence (AI).
Nvidia shares were up nearly 2%, extending gains from earlier in the week after bullish calls from UBS and Wolfe Research on the AI chipmaker’s potential.
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KeyBanc analysts lifted their price target for the chipmaker to $180 from $130, which represents a more than 40% upside from the stock’s closing price Monday. The analysts maintained their “overweight” rating for the stock.
BP Shares Slide on Impairment Charges
3 hr 28 min ago
BP (BP) shares fell sharply Tuesday after the energy giant said that it expects lower refining margins and an impairment charge of up to $2 billion will impact its second-quarter results.
The British oil and gas company said Tuesday that “significantly lower realized refining margins” are projected to have a negative impact between $500 million to $700 million when it reports second-quarter earnings at the end of the month.
BP, which expects to take an impairment charge between $1 billion and $2 billion related to a review of one of its German refineries, is not the only one in the industry warning about potential hits to second-quarter results.
Exxon Mobil (XOM) on Monday said that lower refining margins would cause its second-quarter profits to be between $1.1 billion to $1.5 billion lower. The company also expects lower natural gas prices to cause a hit of about $300 million to $700 million when it reports earnings later this month.
BP American depositary receipts (ADRs) were down about 4.5% around midday.
Helen of Troy Plunges as Company Cuts Guidance
5 hr 7 min ago
Helen of Troy (HELE) shares crashed Tuesday after the consumer products maker reported weak quarterly earnings and slashed its guidance, as beauty and wellness product demand slumped.
The company behind brands including Revlon, Vicks, and OXO blamed the drop in revenue primarily on a decline in sales of hair appliances, prestige hair care products, and humidifiers, as well as lower replenishment orders from retail customers and the impact of technical issues at its Tennessee distribution center.
CEO Noel Geoffroy said Helen of Troy “battled an unusual number of internal and external challenges in the quarter.” Geoffroy warned that many of those challenges “became more pronounced toward the end of the first quarter and some continue to evolve.“
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Helen of Troy shares were down about 30%, trading at their lowest levels in nearly a deacde.
Intel Price Levels to Watch as Stock Continues to Rise
5 hr 34 min ago
Intel (INTC), which is on a four-session winning streak, continued to rise on Tuesday. The stock has surged on optimism the chipmaker stands to benefit from growing interest in artificial intelligence (AI) personal computers and other hardware trends related to the technology.
Despite the 50-day moving average (MA) crossing below the 200-day MA to form an ominous death cross in early May, Intel shares have traded within a narrow range with several volume spikes since that time.
On Monday, the chipmaker’s stock gapped above the trading range’s top trendline on the highest share turnover since June 21, indicating bullish conviction behind the breakout. Moreover, the relative strength index (RSI) has moved in overbought territory above the 70 thresholds, confirming strong price momentum.
Amid a continued move higher, investors should monitor these four key levels where the shares may encounter overhead resistance.
The first sits around $35.50, an area on the chart connecting prices near a minor countertrend retracement during the stock’s sharp downtrading move in April. If the stock breaks through this level, it may move up to retest a key horizontal line near $39 that links the prominent September 2023 swing high with the 200-day MA.
A close above this region could see the shares climb to around $42, where they would likely face sellers near a trendline connecting four price troughs between December 2023 and March this year. Finally, a longer-term rally may see the price revisit $45.50 near a horizontal line that connects several price peaks over a five-month period from November to April.
Stock Futures Point to Higher Open For Major Indexes
7 hr 7 min ago
Futures contracts connected to the Dow Jones Industrial Average were up 0.1%
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S&P 500 futures were up 0.2%
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Nasdaq 100 futures were up 0.3%.
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