Stocks to Watch Today: GameStop, DJT, and Albemarle Corporation
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In a volatile trading session Wednesday, three stocks are drawing significant attention from investors: GameStop (NASDAQ: GME), Trump Media & Technology Group (NYSE: DJT), and Albemarle Corporation (NYSE: ALB).
GameStop Shares Plummet After Second-Quarter Earnings Results
GameStop (GME) shares plummeted more than 16% to $19.64 by mid-morning trading after the company reported disappointing second-quarter earnings.
The video game retailer announced revenue of $798.3 million, a substantial decline from $1.16 billion a year earlier and well below analysts’ expectations of $895.7 million. Despite reporting a net income of $14.8 million, or 4 cents per share, compared to a loss in the previous year, investors were spooked by GameStop’s plans to offer up to 20 million additional shares.
The company continues to grapple with declining sales in its core business of selling physical video game discs, facing stiff competition from digital downloads and game streaming services.
DJT Stock Plummets After Trump-Harris Debate
Trump Media & Technology Group (DJT) saw its stock price plunge by 16% to $15.65, reaching its lowest level since going public in March. The sharp decline followed former President Donald Trump’s debate performance against Vice President Kamala Harris on Tuesday night.
Analysts suggest that the stock’s movement is closely tied to perceptions of Trump’s political prospects, with the company acknowledging that its business partly hinges on Trump’s popularity. The stock had surged up to 10% during trading on Tuesday before the debate, but Wednesday’s drop may indicate that some Trump supporters were displeased with his debate performance.
A lock-up agreement on insider stock sales is set to expire on September 19, adding further uncertainty to the stock’s near-term outlook.
Albermarle Corporation Surges on Lithium Market News
Albemarle Corporation (ALB) bucked the downward trend, with its stock surging 8.73% to $85.48. The rally came in response to news that Contemporary Amperex Technology Co Ltd (CATL), the world’s largest electric vehicle battery maker, is considering cutting lithium production.
This decision is seen as a response to the oversupply in the lithium market, which has caused prices to drop by approximately 60% over the past year. As a major lithium producer, Albemarle stands to benefit from any stabilization or increase in lithium prices.
Despite the day’s gains, Albemarle’s year-to-date performance shows a 40.43% decline, reflecting the challenging conditions in the lithium market throughout 2024.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. Stock prices quoted at the time of writing (10:50 AM EDT).
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