Here’s Why Arcadium Lithium plc (ALTM) Skyrocketed Today

We recently compiled a list of the 10 Firms, Predominantly Gold Miners, Lead Wednesday Rally. In this article, we are going to take a look at where Arcadium Lithium plc (NYSE:ALTM) stands against the other stocks.

Ten companies–predominantly gold miners–led Wednesday’s rally on Wall Street, despite the latter’s main indices closing mixed.

The Dow Jones eked out a 0.25 percent gain, while the S&P’s main index inched up 0.16 percent. Nasdaq bucked counterparts, dipping by 0.06 percent.

We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top advancers.

A laboratory technician carefully mixing chemicals in a laboratory.

Arcadium Lithium plc (NYSE:ALTM)

Arcadium Lithium plc (NYSE:ALTM) saw its share price jump by 8.16 percent on Wednesday to finish at $5.7 apiece following approval from the Committee on Foreign Investment in the United States (CFIUS) for its impending acquisition by mining giant Rio Tinto.

The transaction also obtained a merger control clearance or waivers in several jurisdictions such as Australia, Canada, China, Japan, South Korea, the United Kingdom, and the United States under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The United Kingdom likewise granted investment screening approval.

The transaction, however, remains subject to investment screening approvals in Australia, Canada, and Italy as well as other customary closing conditions.

Arcadium Lithium plc (NYSE:ALTM) said it expects the transaction to be completed by mid-2025.

Overall ALTM ranks 3rd on our list of the firms that led Wednesday rally. While we acknowledge the potential of ALTM as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ALTM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.