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Yahoo
23 minutes ago
- Yahoo
Lithium Miners Retrace Share Gains With Chinese Output in Focus
(Bloomberg) -- Lithium producers' shares fell — following sharp gains on Monday that were driven by the closure of a major mine closure — as the market weighed the outlook for Chinese output of the battery metal. Stocks of miners declined in Hong Kong and Australia. Tianqi Lithium Corp. was about 8% lower as of 12:23 p.m. in the city after jumping 18% in the previous session, and Ganfeng Lithium Group Co. fell 5%, retracing about a quarter of its spike. In Australia, PLS Ltd. and Liontown Resources Ltd. also dropped. Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Chicago Schools' Bond Penalty Widens as $734 Million Gap Looms A New Stage for the Theater That Gave America Shakespeare in the Park The lithium market was rocked after Contemporary Amperex Technology Co. Ltd. confirmed the suspension of its Jianxiawo mine in the hub of Yichun, a move that may help to ease oversupply. The project accounts for about 6% of global lithium output, according to Bank of America Corp. There's speculation other mines in the area could also be suspended as Beijing tackles a glut as part of its anti-involution drive to curb excessive competition and overcapacity. Lithium futures on the Guangzhou Futures Exchange extended gains, although they rose less than daily-limit jump of about 8% seen on Monday. Still, lithium-carbonate prices may lack the impetus for a sustained rise, Shanghai Securities News reported. The problem of excess capacity has not fundamentally improved, and CATL's project may restart, it said, citing analysts. In Yichun, the local authorities have requested that companies facing similar regulatory scrutiny submit updated reports on their mineral reserves by Sept. 30, without yet mandating any more production suspensions. The Jianxiawo case established a 'strict tone' for regulatory approvals and enforcement, potentially broadening the extent of production halts and exacerbating supply shortages, Yongan Futures Co. said in a note. 'With a decisive outcome expected by Sept. 30, speculative trading activities might repeatedly emerge,' the analysts said. They also highlighted divergent views on time lines for mining license approvals or renewals. Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan The Social Media Trend Machine Is Spitting Out Weirder and Weirder Results Klarna Cashed In on 'Buy Now, Pay Later.' Now It Wants to Be a Bank The Game Starts at 8. The Robbery Starts at 8:01 ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30 minutes ago
- Yahoo
CoreWeave stock plummets as AI cloud company reports 'deteriorating' operating income outlook
CoreWeave (CRWV) stock plummeted 16% Wednesday after the AI data center company reported a disappointing quarterly outlook for its operating income. The company said the previous day that it expects its third quarter operating income to fall between $160 million and $190 million, below the $192 million expected by Wall Street analysts tracked by Bloomberg. At the same time, the company expects interest expense of $350 million to $390 million during that period. DA Davidson analyst Gil Luria told Yahoo Finance in an email Wednesday that "deteriorating operating income guidance highlights the main issue for CoreWeave - their interest expense is higher than their operating income which means they aren't generating enough profit to pay their debt holders." CoreWeave is one of the largest holders of Nvidia's (NVDA) AI chips and rents its data center capacity to Big Tech firms such as Microsoft (MSFT), Meta (META), and Google (GOOG) as they scramble to power their AI ambitions. CoreWeave stock's performance is closely watched as a metric of AI demand. Most Wall Street analysts are bullish on CoreWeave because they think AI demand will rise at a torrid pace and that tech firms will continue to rely on the company for additional computing power. At the other end of the spectrum, critics say the company is ripe for failure because of its mountain of debt, borrowed at high interest rates, and because its customers could end their contracts with CoreWeave once they finish building their own additional data centers to further their AI goals. Luria noted that its $200 million operating income in the second quarter was already below its interest expense, which came in at $267 million during the period. He said the company's falling operating income and rising cost of debt in the upcoming quarter means the issue 'may be getting worse.' The cloud firm's earnings report also featured earnings below expectations. CoreWeave's loss per share of $0.27 was more than the $0.19 loss expected. At the same time, its revenue of $1.21 billion exceeded analysts' projection of $1.08 billion. CEO Michael Intrator said on the company's post-earnings conference call that there is 'unprecedented demand for our AI cloud services.' Most Wall Street analysts maintained their bullish takes on CoreWeave after the company's second quarter earnings report. Deutsche Bank analyst Brad Zelnick raised his price outlook on shares to $125 from $50 but maintained his Hold rating, saying the stock's drop Wednesday was 'likely more related to anticipation into the lock-up expiration later this week than any new fundamental concerns.' A lockup period prevents company insiders from selling shares in the company for a designated length of time following an IPO. CoreWeave went public in March. Bank of America analyst Brad Sills maintained his Buy rating but lowered his price target to $168 from $185, saying 'Coreweave remains well positioned as a leading AI infrastructure vendor,' but noting uncertainty around its $9 billion acquisition of Core Scientific, which could face regulatory scrutiny, weighing on shares. CoreWeave's quarterly report Tuesday was its second as a public company. The stock's rocky debut was the first real test of the AI trade. Shares slipped in May when the company disclosed a higher than expected capital expenditure outlook for its 2025 fiscal year. Still, the stock is up nearly 222% since its IPO, ahead of the Nasdaq Composite's (^IXIC) 22% gain and the S&P 500's (^GSPC) roughly 14% rise, as investors have piled back into AI stocks due to renewed optimism over future demand for the technology after a rough first half of the year. Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @ Email her at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
33 minutes ago
- Bloomberg
Wells Fargo on Creating Value Through Business Transformation
Ashley Regner, Chief Data Officer, Wells Fargo joins Bloomberg's Diksha Gera to discuss how she has used data to accelerate business results by optimizing business processes and building customer-centric solutions at The Business Value of AI event in Atlanta. (Source: Bloomberg)
