Why Livent, Albemarle Shares Are Sliding Monday
Portfolio Pulse from Adam Eckert
Shares of lithium producers Livent Corp (LTHM) and Albemarle Corp (ALB) are trading lower due to Exxon Mobil Corp's (XOM) announcement of entering the lithium production market. Exxon Mobil plans to start lithium production in Arkansas by 2027 and aims to supply enough lithium for over 1 million EVs per year by 2030. The news has positively impacted Exxon Mobil's shares, while Livent and Albemarle are experiencing selling pressure.
November 13, 2023 | 6:17 pm
News sentiment analysis
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POSITIVE IMPACT
Exxon Mobil Corp shares are up as the company announces its plan to become a leading lithium supplier by 2030, starting production in 2027.
Exxon Mobil's stock is likely to experience a short-term increase as the market reacts positively to its strategic expansion into lithium production, which is expected to meet the growing demand for EV manufacturing.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Albemarle Corp shares saw a decrease of 0.86% as investors react to Exxon Mobil's new lithium venture, suggesting concerns over future competition.
Albemarle's stock is expected to face downward pressure in the short term due to investor concerns over the impact of Exxon Mobil's entry into the lithium market on Albemarle's competitive position and future growth prospects.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Livent Corp shares dropped 6.26% following Exxon Mobil's entry into the lithium market, signaling increased competition.
Livent's stock is likely to go down in the short term due to the potential threat of increased competition from Exxon Mobil's entry into the lithium market, which could impact Livent's market share and pricing power.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80