Warning: Albemarle, PTC Plunged, Baidu and Corning Gained

EV investors who hold Tesla (TSLA) stock would not notice the devastation in the lithium mining market. The excess supply of the material sent Albemarle (ALBE) stock to a low not seen in four years.

ALB stock closed at $90.47, a price not seen since Oct. 2020. Two analysts slashed their price target on the firm. Baird cut its $170 price target down to $127, citing a weak Q2 report. UBS cut its $124 price target to $109.

ALB stock’s fall sent Lithium Americas (LAC) and SQM lower on the day.

PTC lost 5.25% on Tuesday on no new news. Markets are nervous that a slowdown in construction and manufacturing will hurt PTC’s business. The engineering software firm requires strong macroeconomic conditions to thrive. With a weak demand environment, PTC is unlikely to stage a recovery.

In China, investors bought Baidu (BIDU), sending the stock up by 8.47% to $95.40. BIDU stock is cheap at a non-GAAP P/E of 7.5 times, compared to a 12.5 times sector median. Investors who missed out on the bigger AI names are snapping up this stock at a discount.

Similarly, Corning (GLW) gained 17% in the last five days. The firm increased its revenue forecast by $200 million, citing strength in the AI sector for lifting its sales in Q2.

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