Why Shares of Albemarle Slumped This Week [Yahoo! Finance]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: Yahoo! Finance
The move comes in a week when Albemarle announced an offering of $1.75 billion in depositary shares on Monday and then increased the offering to $2 billion on Wednesday. The issuance puts the stock price under pressure as investors start pricing in a dilution of equity in the future when the shares are converted into common stock. Why Albemarle made the offering According to the press release, Albemarle intends to use the proceeds for "general corporate purposes," including "construction and expansion of lithium operations in Australia and China that are significantly progressed or near completion" and repaying "outstanding commercial paper." According to KeyBanc Capital Markets, the move helped ensure Albemarle would avoid a credit rating downgrade. That's an understandable argument, as Albemarle's near-term earnings and cash flow will come under pressure this year due to the slump in the price of lithium carbonate (which is down 70% year over year). What it means to inve
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