BUZZ-Albemarle falls on weak Q4 results; to idle Australia lithium plant
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Albemarle's shares fell 9% to $159.72 after reporting a larger-than-expected Q4 loss of 53 cents per share, compared to analysts' estimates of 41 cents. The company announced it would idle a major Australian lithium processing plant amid a 90% drop in lithium prices over two years due to oversupply from China. Despite challenges, CEO Kent Masters expects global lithium demand to grow by 25% this year. Year-to-date, Albemarle's stock is up approximately 12%.
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