EV investors who hold Tesla (TSLA) stock would not notice the devastation in the lithium mining market. The excess supply of the material sent Albemarle (ALBE) stock to a low not seen in four years.
ALB stock closed at $90.47, a price not seen since Oct. 2020. Two analysts slashed their price target on the firm. Baird cut its $170 price target down to $127, citing a weak Q2 report. UBS cut its $124 price target to $109.
ALB stock’s fall sent Lithium Americas (LAC) and SQM lower on the day.
PTC lost 5.25% on Tuesday on no new news. Markets are nervous that a slowdown in construction and manufacturing will hurt PTC’s business. The engineering software firm requires strong macroeconomic conditions to thrive. With a weak demand environment, PTC is unlikely to stage a recovery.
In China, investors bought Baidu (BIDU), sending the stock up by 8.47% to $95.40. BIDU stock is cheap at a non-GAAP P/E of 7.5 times, compared to a 12.5 times sector median. Investors who missed out on the bigger AI names are snapping up this stock at a discount.
Similarly, Corning (GLW) gained 17% in the last five days. The firm increased its revenue forecast by $200 million, citing strength in the AI sector for lifting its sales in Q2.
