Why Cemex SAB de CV (CX) Went Up On Tuesday?

We recently published a list of Pulse of The Market: Tuesday’s 10 Top Performers. In this article, we are going to take a look at where Cemex SAB de CV (NYSE:CX) stands against other Tuesday’s top performers.

A lackluster trading persisted on the stock market on Tuesday, with all major indices finishing in the green territory, but eked out only slight gains.

The tech-heavy Nasdaq rallied the most, up 0.46 percent, followed by the S&P 500 with 0.16 percent, and the Dow Jones with a marginal 0.01 percent.

Despite the muted trading, investors poured funds into several companies, pushing their prices to achieve modest gains. In this article, we listed the 10 top performers today and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

A pile of cement on the top of the wheelbarrow in construction site.

Cemex SAB de CV (NYSE:CX)

Multinational building materials giant Cemex grew its share prices for a second day on Tuesday, adding 3.64 percent to close at $6.28 apiece as investors gobbled up shares in the company following news that it was expanding decarbonization efforts while appealing in its mine fight in Soledad Canyon.

On Friday, CX’s UK arm said it would expand its Urbanization Solutions business with a new lower carbon mortar plant near London. Expected to be operational in the second half of the year, the plant would increase its production capacity and produce lower carbon mortar, which already has a 30 percent lower carbon footprint as compared with the standard mortars.

In addition, CX said it would incorporate a state-of-the-art drying system designed to minimize heat consumption and reduce fuel consumption throughout the production process.

Meanwhile, its US arm also announced the increased production of Portland limestone cement at its plant in Lyons, Colorado. The ramp-up forms part of its mission to reduce its carbon footprint throughout its operations and products.

It also recently filed an appeal for its mine fight in Soledad Canyon, which has the capacity to produce 56 million tons of aggregate.

Cemex needs a beneficial use permit from the State Water Resources Control Board to use the Santa Clara River to sustain its mining operations.

Overall, CX ranks 7th on our list of Tuesday’s top performers. While we acknowledge the potential of CX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as CX but 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.