Albemarle Is Up, Elevance, Molina, and Abbott are Down
Investors who hold lithium mining firms like Albemarle (ALB) and Lithium Americas (LAC) will enjoy Thursday’s rally. ALB stock gained 7.57% while LAC stock closed at 8.82%.
A Chinese miner, Zangge Mining Co., will halt mining activities. Government officials cited illegal mining as the reason for the actions. The jump in Albemarle may not last. Zangge will eventually resume mining.
Elevance (ELV) lost 12.22% in value to close at $302.45, down by $42.10. The company reported a 14.3% Y/Y gain in revenue, to $49.42 billion. However, FY 2025 diluted EPS is $30.00. Elevance cited the impact of higher cost trends in the ACA (Affordable Care Act) and Medicaid as the headwinds.
Molina (MOH) continued its downtrend, falling from over $300 last month to close at $204.25. It fell in sympathy with Elevance’s decline. UnitedHealth (UNH) and CVS Health (CVS) also fell slightly.
Abbott Laboratories (ABT) lost 8.52% on Thursday, after it posted Q2 results. Markets are unhappy with MedTech’s Q3 guidance, which is below expectations. In Q3, the diluted EPS of $1.28 to $1.32 is below the $1.33 consensus. Organic sales growth of up to 7.0% is below the 7.4% average estimate. These sales include Covid-19 testing-related sales.
