Albemarle Corporation (NYSE: ALB)
Albemarle Corporation is all over the place today. Early on, the stock was in the green, where it stayed for most of the day. However, a short while ago, the stock started to spike downward in a big way. Nonetheless, minutes ago, it started to recover. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to ALB ahead.
What We’re Seeing From ALB
As mentioned above, the past 15 minutes or so have been a wild ride for Albemarle Corporation. After a relatively strong start to the day, the stock took a dive. Shortly after the dive, we started to see upward movement. Through all of this wild movement, the stock has ended up at an interesting point. At the moment (12:04), ALB is trading at $91.12 per share, the break even point for the day.
Why We’re Seeing The Wild Movement
As soon as I noticed that ALB was taking a dive from early gains, I decided that it was time to dig into the story. It didn’t take long to dig up the cause for the movement, and I have to say, it’s very interesting. The wild ride seems to be revolving around a recent asset sale.
Early today, it was announced that Albemarle Corporation has completed a key asset sale. The sale was of the company’s proprietary Surface Treatment business. Shortly after the announcement that the sale of the asset had been completed, the spike downward started. At the end of the day, it seems as though investors wanted to see the company negotiate a strong deal before the sale.
What We’ll Be Watching Moving Forward
Moving forward, I’ll be keeping a close eye on ALB and you should too. In particular watch for further news with regard to this deal. Also, it will be interesting to see how the company puts the money from this deal to work.
What Do You Think?
Where do you think ALB is headed moving forward? Join the discussion in the comments below!