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Rio Tinto

Rio Tinto is a global diversified miner. Iron ore is the dominant commodity, with significantly lesser contributions from copper, aluminum, diamonds, gold, and industrial minerals. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.

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A new 13F filing from Viking Fund Management reveals which companies the fund bought and sold in the third quarter, including exiting some oil companies ahead of the 2024 election.
Third Quarter Exits: Viking Fund Management sold out of eight stocks completely in the third quarter, including positions in some of the largest oil companies.
Here are the positions exited, as <a href="https://13f.info/13f/000116906924000080/compare/000116906924000006">reported </a>by 13finfo:
<ul>
<li>Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)</li>
<li>Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>)</li>
<li>SM Energy Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SM#NYSE">SM</a>)</li>
<li>Southern Copper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</li>
<li>Sociedad Quimica y Minera (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQM#NYSE">SQM</a>)</li>
<li>Murphy USA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUSA#NYSE">MUSA</a>)</li>
<li>Sanofi SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NYSE">SNY</a>)</li>
<li>Cactus Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHD#NYSE">WHD</a>)</li>
</ul>
Third Quarter New Positions: The following were the new stocks added to the fund in the third quarter, ranked in size by the dollar value at the end of the quarter.
<ul>
<li>Kodiak Gas Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGS#NYSE">KGS</a>)</li>
<li>EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>)</li>
<li>HF Sinclair Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DINO#NYSE">DINO</a>)</li>
<li>Weatherford International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WFRD#NASDAQ">WFRD</a>)</li>
<li>NRG Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</li>
<li>Vertiv Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>)</li>
<li>Chart Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTLS#NYSE">GTLS</a>)</li>
<li>Vistra Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>)</li>
<li>United Microelectronics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMC#NYSE">UMC</a>)</li>
<li>Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>)</li>
<li>Portland General Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/POR#NYSE">POR</a>)</li>
<li>Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>)</li>
<li>Nutrien (NTR.TO – Canada)</li>
</ul>
 Big Moves: The fund made several changes to its existing positions alongside the new positions and exited positions.
Here are the biggest additions in the quarter to existing stakes:
<ul>
<li>Civitas Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIVI#NYSE">CIVI</a>): +16,900%</li>
<li>Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>): +882%</li>
<li>LyondellBassell Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYB#NYSE">LYB</a>): +400%</li>
<li>Rio Tinto PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>): +386%</li>
<li>Dow Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>): +200%</li>
</ul>
Here are the biggest position cuts during the quarter to existing stakes:
<ul>
<li>Texas Pacific Land (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>): -60%</li>
<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): -50%</li>
<li>Haliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>): -40%</li>
<li>ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>): -36%</li>
<li>Ovintiv (OVV.TO – Canada): -33%</li>
</ul>
Why It's Important: At the end of the quarter, these are the fund's largest positions ranked by dollar value and the percentage they make up of the fund:
<ul>
<li>Broadcom: $27.96 million, 4.5%</li>
<li>AbbVie Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>): $24.88 million, 4.0%</li>
<li>NextEra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>): $22.65 million, 3.7%</li>
<li>Entergy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETR#NYSE">ETR</a>): $16.27 million, 2.6%</li>
<li>BlackRock Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>): $14.24 million, 2.3%</li>
</ul>
The fund added significantly to its position in Broadcom, which remains the largest holding.
The quarter saw the sale of several oil stocks, but the fund opened new positions in several energy names in the quarter.
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Viking Fund Management Sells Big Oil Stocks In Q3, Cuts Tesla Position In Half, Adds To Largest Position Broadcom

Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) has surged over 40% in the past month, 266% YTD, propelled by a <a href="https://www.benzinga.com/news/24/08/40250122/microsoft-palantir-shares-rise-as-tech-titans-ink-deal-to-deploy-ai-tools-for-us-government-agencies">series of high-profile partnerships</a> with industry giants like Microsoft Corp, Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Rio Tinto PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>).
The data analytics and AI powerhouse has set a new 52-week high at $63.39, with investors riding the wave of excitement as Palantir&#8217;s collaborations continue to expand its footprint across the mining, defense, and cloud computing sectors.
But with a staggering 300x earnings valuation, Wall Street analysts remain cautious, warning of a potential <a href="https://www.benzinga.com/quote/PLTR/analyst-ratings">37%</a> downside, with a price target around $38.67.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/11/41891026/palantir-overtakes-lockheed-martin-in-market-cap-how-does-the-messi-of-ai-stack-up-against-the-traditional-defense-player">Palantir Overtakes Lockheed Martin In Market Cap, How Does The &#8216;Messi Of AI&#8217; Stack Up Against The Traditional Defense Player</a>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="456" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14054254/Screenshot-2024-11-14-at-4.12.29-PM.png" alt="" class="wp-image-647581" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14054254/Screenshot-2024-11-14-at-4.12.29-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14054254/Screenshot-2024-11-14-at-4.12.29-PM-300x218.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
The latest rally, though impressive, has led PLTR stock into overbought territory, with an RSI of 84.62 signaling potential for a pullback.
<h2 class="wp-block-heading">Powerhouse Partnerships Are Fueling Growth</h2>
PLTR stock&#8217;s 40% surge the past month isn't just momentum—it's backed by strategic partnerships. Last week, Palantir renewed its <a href="https://www.benzinga.com/24/11/41936392/whats-going-on-with-palantir-stock-after-renewing-collaboration-with-rio-tinto">multi-year deal with Rio Tinto,</a> extending the mining giant's access to its Artificial Intelligence Platform (AIP) for another four years.
This adds to Palantir's arsenal of strategic alliances, including collaborations with Microsoft and Amazon, where Palantir&#8217;s AI tools are being integrated into Microsoft's Azure for U.S. defense needs and Amazon Web Services for government AI applications.
<h2 class="wp-block-heading">PLTR Stock Chart Strongly Bullish, But Valuation Is Lofty</h2>
Meanwhile, PLTR stock is on fire, trading well above its key moving averages, which keeps the bulls in play. Yet, with a P/E ratio around 300x, analysts are questioning the sustainability of this AI-fueled growth.
Investors might want to enjoy the ride but keep their eyes on the potential for a pullback as Palantir's next moves unfold.
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Can Palantir Sustain Its 300X Valuation After Climbing 266% This Year?

The new solar plant will be located next to Kennecott's existing 5MW solar plant, which was completed in 2023. Together, the two solar plants will reduce Kennecott's Scope 2 emissions by approximately 6%, or 21,000 tons of carbon dioxide equivalent per year. This is equivalent to removing around 5,000 gas-powered passenger cars from the road.
Construction of the 25MW solar plant is expected to be completed next year and create short-term employment opportunities for up to 100 laborers, as well as a small number of long-term operations and maintenance roles. Bechtel Corporation will design and manage construction of the plant.
Kennecott, which already has one of the lowest carbon footprints of any copper producer in the U.S., has reduced its carbon footprint more than 80% since 2018 through initiatives such as closing its coal-powered power plant, building a 5MW solar farm, transitioning the mining fleet to renewable diesel, and using battery electric vehicles in underground mining.
Rio Tinto Kennecott Managing Director Nate Foster said: "Expanding our solar farm is the latest step in our journey to reduce our carbon footprint. Together with other measures we've taken, such as closing a coal-fired power plant, deploying battery electric vehicles underground, and our recent transition to renewable diesel, we have reduced our emissions by millions of tons over the past few years.

Rio Tinto Has Approved Construction Of A New 25-Megawatt Solar Plant At Its Kennecott Copper Operation In Utah, Bringing The Mine's Total Solar Capacity To 30MW

Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) shares are trading relatively flat in the <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">premarket session on Wednesday.</a>
The company announced today that it renewed its multi-year enterprise agreement with the mining giant Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), extending the partnership <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41933059/palantir-and-rio-tinto-renew-enterprise-contract-and-extend-access-to-palantirs-ai-platform" rel="noreferrer noopener">for an additional four years</a>.
This agreement ensures Rio Tinto&#8217;s continued access to Palantir&#8217;s Artificial Intelligence Platform (AIP), further enhancing the company&#8217;s operational efficiency and AI capabilities.
As an early adopter of Palantir Foundry, Rio Tinto has already built a robust digital twin, or &#8220;Ontology,&#8221; which serves as a unified data model for critical operations.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/11/41891026/palantir-overtakes-lockheed-martin-in-market-cap-how-does-the-messi-of-ai-stack-up-against-the-traditional-defense-player" rel="noreferrer noopener">Palantir Overtakes Lockheed Martin In Market Cap, How Does The &#8216;Messi Of AI&#8217; Stack Up Against The Traditional Defense Player</a>
The Ontology enables Rio Tinto to leverage AIP to rapidly develop, test, and deploy AI-driven solutions, addressing challenges in areas like plant operations, geotechnical risk management, and the coordination of unmanned trains.
&#8220;The Foundry Ontology has made our structured data accessible, and AIP is doing the same for our unstructured data while enabling us to attack with pace problems previously deemed too complex,&#8221;&nbsp;said Bold Bataar, Rio Tinto&#8217;s Chief Commercial Officer.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, RIO stock has lost over 6% in the past year. Investors can gain exposure to the stock via&nbsp;VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and&nbsp;Gabelli ETFs Trust Gabelli Financial Services Opportunities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GABF#NYSE">GABF</a>) and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
For instance, in Western Australia&#8217;s Pilbara region, Foundry integrates real-time data from hundreds of systems, allowing operators to optimize the routing of 53 driverless trains transporting iron ore. This has led to improved safety and throughput on the rail network.
Meanwhile, in Mongolia&#8217;s Oyu Tolgoi mine, the Ontology provides dynamic risk management for one of the world&#8217;s most challenging mining environments.
Palantir&#8217;s AIP will enhance Rio Tinto&#8217;s ability to manage complex workflows and accelerate innovation across its operations. Both companies expect the AI platform to drive continued improvements in performance, safety, and decision-making in Rio Tinto&#8217;s high-stakes environments.
Ted Mabrey, Palantir&#8217;s Head of Commercial, highlighted the potential of AIP to address Rio Tinto&#8217;s most pressing challenges, including risk identification and asset management, ensuring safe and efficient AI deployment.
PLTR stock has gained over 200% in the past year. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIPI#NASDAQ">AIPI</a>) and Global X Funds Global X Defense Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHLD#NYSE">SHLD</a>).
Price Action: PLTR shares are trading higher by 1.02% to $60.46 premarket at last check Wednesday, whie RIO shares are trading lower by 0.46% to $60.92.
Image via Shutterstock
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What's Going On With Palantir Stock After Renewing Collaboration With Rio Tinto?

Palantir Technologies Renewed Its Multi-year Enterprise Agreement With The Rio Tinto Group For An Additional 4 Years And Secures Rio Tinto's Ongoing Access To The Palantir Artificial Intelligence Platform

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Shares of base metal stocks are trading lower. Weakness may be due to China stimulus efforts.

Rio Tinto has completed the transition from conventional to renewable diesel for all heavy mining equipment at its Kennecott copper mine in Utah, giving the mine one of the lowest carbon footprints of any copper producer in the United States.
Kennecott's fleet of 97 haul trucks and heavy machinery equipment at the mine, concentrator, smelter, refinery and tailings are now all fueled by renewable diesel1 sourced in the United States. This is expected to reduce the mine's Scope 1 emissions by 450,000 tonnes, equal to eliminating the annual emissions of 107,000 cars. In addition, the switch to renewable diesel reduces PM2.5 (particulate matter less than 2.5 microns) emissions at the tailpipes of our haul truck fleet by 40%, a reduction equivalent to approximately 2.3 billion miles of light vehicle travel annually.
Kennecott has one of the lowest carbon footprints of any copper producer in the United States, thanks to recent initiatives such as the closure of a coal-fired power plant, installation of a 5-megawatt solar farm, deployment of battery electric vehicles underground, and the transition to renewable diesel. The operation's overall carbon footprint has now been reduced by more than 80% from 2018 levels.

Rio Tinto Has Completed The Transition From Conventional To Renewable Diesel For All Heavy Mining Equipment At Its Kennecott Copper Mine In Utah

<ul>
<li>McEwen Copper previously announced a non-brokered private placement financing of up to&nbsp;2,333,333&nbsp;common shares&nbsp;at a subscription price of&nbsp;US$30.00&nbsp;per common share, for gross proceeds of up to&nbsp;US$70 million&nbsp;(the "Offering"). The first tranche of the Offering was led by a $14 million investment by McEwen Mining and a $5 million investment by Rob McEwen.</li>
<li>In this second tranche of the Offering, Nuton (a Rio Tinto Venture) has purchased an additional 1,166,666 common shares of McEwen Copper for $35 million and two other investors have acquired 66,669 common shares for $2 million. Following the closing of this second tranche of the Offering, McEwen Copper has raised a total of $56 million.</li>
<li>Nuton now owns 17.2% of McEwen Copper on a fully diluted basis. Following these share issuances, McEwen Copper will have 32,804,284 common shares outstanding, giving it a post-money market value of $984 million, and its shareholders are: McEwen Mining Inc. 46.4%, Stellantis 18.3%, Nuton 17.2%, Rob McEwen 12.7%, Victor Smorgon Group 3.0%, and other shareholders 2.0%.</li>
<li>Proceeds from the Offering will be used to advance ongoing work on the feasibility study for the Los Azules copper project, which is scheduled for publication in the first half of 2025.</li>
</ul>

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McEwen Copper Inc., A Subsidiary Of McEwen Mining Announced The Closing Of An Additional $35M Investment By Nuton, A Rio Tinto Venture

In a recent study, researchers have suggested that Arkansas could potentially hold a significant amount of lithium, a crucial component for electric car batteries and other high-tech products.
What Happened: The researchers, in a study published in the journal Science Advances, have estimated that there could be between 5.1 to 19 million tons of lithium in the Smackover Formation brines in southern Arkansas, <a href="https://thehill.com/policy/energy-environment/4945872-arkansas-19-million-tons-lithium-battery-power/">reported</a> The Hill. This amount could potentially make up 35 to 136% of the current U.S. lithium resource estimate.
The researchers used a machine-learning model trained on published and newly collected brine lithium concentration data to create a map of predicted lithium concentrations in Smackover Formation brines across southern Arkansas.
Lithium ETFs offer a way to diversify your investments across multiple companies poised to benefit from the growing demand for lithium. 
Some of the top lithium ETFs to consider include the Global X Lithium &amp; Battery Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LIT#NYSE">LIT</a>), Amplify Lithium and Battery Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BATT#NYSE">BATT</a>), First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQGM:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQGM">QCLN</a>), iShares Global Clean Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NASDAQ">ICLN</a>), and the VanEck Vectors Rare Earth/Strategic Metals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REMX#NYSE">REMX</a>).
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41422633/investors-lost-over-95-of-their-wealth-in-this-nvidia-linked-etf-while-jensen-huang-led-chip-gia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Lost Over 95% Of Their Wealth In This Nvidia-Linked ETF While Jensen Huang-Led Chip Giant Gained 220% In The Past Year: Here&#8217;s More</a>
Why It Matters: Automakers and tech companies are scrambling to <a href="https://www.benzinga.com/markets/equities/24/10/41360023/lithium-americas-shares-surge-as-gm-commits-625m-to-thacker-pass-project">secure their lithium supplies</a>, with some even investing in mining projects, such as General Motors&#8216; joint venture with Lithium Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAC#NYSE">LAC</a>) for the Thacker Pass lithium project in Nevada.
Meanwhile, in Europe, the Serbian parliament&#8217;s decision <a href="https://www.benzinga.com/government/24/10/41289306/serbian-parliament-doesnt-pass-lithium-ban-keeps-rio-tintos-major-project-alive">not to ban lithium exploration and exploitation</a> has kept Rio Tinto&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) major Jadar project alive. 
In January, Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) revealed its <a href="https://www.benzinga.com/top-stories/24/02/37188987/interesting-elon-musk-captivated-by-microsofts-70-lithium-reduced-battery-innovation">collaboration with a U.S. national laboratory</a> to create an innovative battery material that decreases lithium consumption by 70%, attracting interest from Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk.
Moreover, in July 2022 Musk tweeted that &#8220;lithium batteries are the new oil,&#8221; responding to Craft Ventures co-founder David Sacks&#8216; comments about the importance of <a href="https://www.benzinga.com/trading-ideas/movers/22/07/28056987/elon-musk-says-this-battery-metal-is-the-new-oil-but-should-the-vehicle-connoisseur-take-his">energy independence amid oil challenges</a> from Russia&#8217;s invasion of Ukraine. 
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Arkansas May Be Sitting On 19M Tons Of Lithium Amid Rising Demand For EV Batteries: How To Invest In What Elon Musk Calls 'The New Oil'

The leading global miner Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) has missed analysts' estimates, scoring weaker-than-expected third-quarter production across the board. Despite this short-term weakness, the company's <a target="_blank" href="https://www.benzinga.com/m-a/24/10/41246302/major-tesla-supplier-arcadium-lithium-jumps-over-30-in-pre-market-after-rio-tinto-acquires-company-f" rel="noreferrer noopener">$6.7b acquisition of </a><a target="_blank" href="https://www.benzinga.com/m-a/24/10/41246302/major-tesla-supplier-arcadium-lithium-jumps-over-30-in-pre-market-after-rio-tinto-acquires-company-f" rel="noreferrer noopener">Arcadium Lithium</a> is unlikely to meet criticism, given the long-term potential and cyclicality of that market.
Rio Tinto increased Pilbara's production by 1%, reaching 84.1 million tons of iron ore, as productivity gains helped offset ore depletion. However, Goldman Sachs' analysts expected 86.2.
The firm has maintained its full-year shipping guidance between 323 and 338 million tons, but cash cost units could rise with forecasts in the upper range of $21.75 to $23.50 per ton, citing inflationary pressures.
"We continue to strengthen our operations, with the roll-out of the Safe Production System delivering consistent production at our Pilbara iron ore business," <a target="_blank" href="https://www.riotinto.com/en/news/releases/2024/rio-tinto-releases-third-quarter-production-results" rel="noreferrer noopener">said</a> CEO Jakob Stausholm,
Copper production took a slight hit, with mined copper down by 1% to 168,000 tons in Q3. This decline was largely due to the highwall movement at the Kennecott mine in Utah, which restricted access to the main ore face and required the use of lower-grade stockpile ore.
Rio Tinto expects this disruption to impact mined copper production by approximately 50,000 tons in 2024. The company has revised its mine plan to address this challenge, but the highwall movement could affect output through 2025 and 2026.
On the bright side, the company is making progress regarding organic growth. The first lithium production from the Rincon plant in Argentina is expected in the coming months.
Meanwhile, in Guinea, the Simfer iron ore mine is on track to begin operations next year. It will have a capacity of 60 million tons per year, of which Rio Tinto will contribute 27 million tons share.
Additionally, copper production ramp-up continues at the Oyu Tolgoi underground mine in Mongolia, where higher copper grades are expected to boost output.
Stausholm also highlighted the company's continued focus on expansion into critical and battery metals.
"The acquisition of Arcadium Lithium brings a world-class lithium business alongside our leading aluminum and copper operations," he noted. "This is aligned with our strategy and increases our exposure to a high-growth, attractive market."
Despite its 90% premium to share price, the Arcadium acquisition is deemed a solid move given the company's scope of operations, assets potential, and a significant plunge in lithium prices. It is expected to close in mid-2025, propelling Rio Tinto to a top global lithium producer.
Price Action: Rio Tinto's shares are trading 0.27% lower to $66.29 in the premarket session at the last check on Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41338395/teck-resources-vs-freeport-mcmoran-china-stimulus-boost-or-trump-tariff-blues-analy" target="_blank" rel="noreferrer noopener">Teck Resources Vs. Freeport-McMoRan: China Stimulus Boost Or Trump Tariff Blues? Analyst Remains Bullish On Copper</a></li>
</ul>

Earnings

Guidance

Rio Tinto Disappoints On Q3 Production, Sets Positive Tone About Organic Growth

<ul>
<li>In the Pilbara, it produced 84.1 million tonnes (Rio Tinto share 71.0 million tonnes) in the&nbsp;third quarter,&nbsp;1%&nbsp;higher than the corresponding period of 2023. Productivity gains continue to offset ore depletion. Shipments of 84.5 million tonnes (Rio Tinto share 72.5 million tonnes) were also&nbsp;1%&nbsp;higher than the&nbsp;third quarter&nbsp;of 2023.</li>
<li>Bauxite production of 15.1 million tonnes was&nbsp;8%&nbsp;higher than the&nbsp;third quarter&nbsp;of 2023.&nbsp;</li>
<li>Aluminium production of 0.8 million tonnes was&nbsp;2%&nbsp;lower than the&nbsp;third quarter&nbsp;of 2023.</li>
<li>Mined copper production of 168 thousand tonnes (consolidated basis) was&nbsp;1%&nbsp;lower than the&nbsp;third quarter&nbsp;of 2023.</li>
</ul>

Rio Tinto Says Long-Term Pathway To Deliver Profitable Growth And Create Shareholder Value Remains Clear; Reports Q3 Production Results

TECK

Shares of copper companies are trading lower possibly after China's September exports data missed estimates. Betting markets project Donald Trump's victory in the U.S. presidential election, which may result in a decline in demand for commodities related to renewable energy.

On CNBC's &#8220;Mad Money Lightning Round,&#8221; Jim Cramer said Uranium Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UEC#NYSE">UEC</a>) is going higher. &#8220;UEC's the real deal…We need more uranium. I think it's a great <a href="https://www.benzinga.com/markets/equities/24/09/40983348/uranium-energy-strikes-175m-deal-to-acquire-rio-tintos-wyoming-assets">situation,&#8221; he added.</a>
On Sept. 23, Uranium Energy disclosed a deal to fully acquire Rio Tinto Plc‘s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) Wyoming assets for a purchase price of $175 million. As per the deal, the buyout includes the fully licensed Sweetwater Plant and a portfolio of uranium mining projects with around 175 million pounds of historic resources.
When asked about Novo Nordisk (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>), he said, &#8220;Doesn't hold a candle to Eli Lilly (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>).&#8221;
Sen. Elizabeth Warren (D-MA), last week, wrote a letter to the Federal Trade Commission's chair, Lina Khan, urging the department to investigate Novo Nordisk&#8217;s proposed $16.5 billion acquisition of contract development and manufacturing organization Catalent Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTLT#NYSE">CTLT</a>) thoroughly, amid growing concerns about potential antitrust violations. Critics argue that this merger could increase Novo Nordisk's control over producing vital GLP-1 receptor agonists, drugs used to treat diabetes and obesity. This could potentially drive up <a href="https://www.benzinga.com/general/biotech/24/10/41277809/ftc-faces-pressure-to-block-novo-nordisk-catalent-merger-over-antitrust-fears">prices and limit competition</a>.
Cramer recommended staying away from Halliburton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>).
On Monday, BofA Securities analyst Chase Mulvehill maintained Halliburton with a Buy rating and lowered the price target from $40 to $38.
Price Action:
<ul>
<li>Novo Nordisk shares fell 0.2% to settle at $119.78 on Monday.</li>
<li>Uranium Energy shares gained 0.7% to close at $7.14.</li>
<li>Halliburton shares fell 0.8% to close at $30.58 on Monday.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41320317/wall-streets-most-accurate-analysts-weigh-in-on-3-tech-and-telecom-stocks-with-over-4-dividend-yield">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Tech And Telecom Stocks With Over 4% Dividend Yields</a></li>
</ul>
Photo: Shutterstock

Media

CTLT

Jim Cramer: 'We Need More Uranium,' Recommends This Stock; Says Novo Nordisk 'Doesn't Hold A Candle' To Big Pharma Rival

Selling the news is a common trading strategy in which traders buy a stock in anticipation of expected news, then sell once the event occurs. It&#39;s a short-term strategy based on the psychology that the unknown is frequently better or worse than the known. Once traders have time to interpret the news, they find that it won&#39;t mean much for the long-term outlook for the stock.&nbsp;
But sometimes news happens unexpectedly. In this case, traders may buy a stock after the news is announced. But in many cases, these still turn out to be sell-the-news events. Although many long-term investors don&#39;t concern themselves too much with short-term news, they can still use this strategy to take some short-term profits if a stock becomes overbought.&nbsp;
This week, investors received news about three stocks that moved each stock higher in the immediate aftermath. However, 24 hours later, it&#39;s a good time for traders to examine the stocks and decide whether to buy the rally or take some profits. &nbsp;&nbsp;
<h2>Activist Investor Starboard Acquires $1 Billion Stake in Pfizer </h2>
Pfizer Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) stock jumped over 4% on Monday, October 7, on the news that Starboard Value, an activist investor, had accumulated a $1 billion stake in the company. That&#39;s not newsworthy by itself, but the company plans to use its stake to force some changes at the pharmaceutical company.
At issue is the company&#39;s post-COVID-19 strategy, which has involved growth through acquisition. Under current chief executive officer (CEO) Albert Bourla, Pfizer has spent $70 billion in M&amp;A (mergers and acquisitions) since 2020. Many of these investments have not delivered an impressive return.&nbsp;
Starboard, which is enlisting the support of two former Pfizer executives, wants the company to return to a business model that emphasizes a disciplined financial posture and focuses on investing in novel drugs.&nbsp;&nbsp;
It&#39;s important to note that short interest in Pfizer stock was up 14.4% in the last 30 days. That means some of the spikes could be due to short covering. After the initial spike, Pfizer&#39;s stock returned about 0.5%. Despite the recent move, PFE stock has still been down 12.3% in the last 12 months.&nbsp;
<h2>Arcadium Lithium Could Become an Acquisition Target&nbsp;</h2>
The catalyst for the move in Arcadium Lithium plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/altm#NYSE">ALTM</a>) comes on the news that the Rio Tinto Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rio#NYSE">RIO</a>) has made a non-binding offer to acquire the lithium miner. ALTM stock is up more than 50% in the 48 hours since the news broke making it one of the leading performers among basic materials stocks.
Rio Tinto is already the world&#39;s second-largest mining company. It has been taking steps to increase its lithium production, including potentially building Europe&#39;s biggest lithium mine in Serbia. However, with those plans stalled, the company could be turning to growth through acquisition strategy. &nbsp;
Lithium is a core component needed for electric vehicle (EV) batteries, smartphones, and other electronic devices. Demand stalled in 2024 but is expected to remain strong for the rest of the decade. &nbsp;
Investors should note that the announcement did not include financial specifics. Because the offer is non-binding, it&#39;s difficult to speculate on Rio Tinto&#39;s degree of interest. That&#39;s not discouraging investors in the short term; analysts were already bullish on ALTM stock before the announcement. &nbsp;
<h2>Netflix Stock Remains Resilient in the Face of Downgrades&nbsp;</h2>
After falling over 2.5% on news that Barclay&#39;s downgraded its stock, Netflix Inc. is already approaching a new all-time high. That&#39;s because, on the same day that Barclay&#39;s downgraded the stock, TD Cowen reaffirmed its Buy rating on the stock and raised its price target from $775 to $820.
While maintaining a price target of $550 for NFLX stock, Barclay&#39;s lowered the company&#39;s ratings from Equal Weight to Underweight. That&#39;s the equivalent of a Sell rating. &nbsp;
The concern is over the streaming giant&#39;s valuation. Netflix currently trades at 49.9x earnings and 37.7x forward earnings. Netflix has faced this question before. At levels like this, it has to prove that it can grow earnings on a path that&#39;s consistent with that multiple.
For now, analysts believe the company will continue to capture market share based on its pricing power. And the revenue it generates from its ad-supported tier should support expectations for a 20% increase in earnings in the next 12 months.&nbsp;
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/these-3-stocks-just-spikedbuy-the-rally-or-sell-the-news/">These 3 Stocks Just Spiked&mdash;Buy the Rally or Sell the News?</a>&quot; first appeared on MarketBeat.

Biotech

Large Cap

Mid Cap

Short Ideas

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Price Target

Analyst Ratings

ALTM

These 3 Stocks Just Spiked—Buy the Rally or Sell the News?

The Serbian parliament didn't accept the opposition's proposal to modify the country's mining law to ban the exploration and exploitation of lithium and boron. Such a decision would have ended Rio Tinto's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/06/39357247/rio-tinto-to-initiate-largest-european-lithium-project-by-2028" rel="noreferrer noopener">multi-billion dollar </a><a target="_blank" href="https://www.benzinga.com/news/large-cap/24/06/39357247/rio-tinto-to-initiate-largest-european-lithium-project-by-2028" rel="noreferrer noopener">Jadar</a><a target="_blank" href="https://www.benzinga.com/news/large-cap/24/06/39357247/rio-tinto-to-initiate-largest-european-lithium-project-by-2028" rel="noreferrer noopener"> project</a>.
After a four-day discussion, the 214 members voted as follows: 84 voted yes, 128 voted no, two didn't vote.
"Forbidding exploration and exploitation of lithium and other mineral goods would create ripple effects, not only in Serbian economy but in its geopolitical positioning, "said Minister of Mining and Energy Dubravka Dedovic Handanovic, <a target="_blank" href="https://www.slobodnaevropa.org/a/skupstina-srbije-rasprava-litijum/33153519.html" rel="noreferrer noopener">per</a> Slobodna Evropa's report.
The Jadar deposit, discovered in 2004, is one of the largest lithium deposits in the world. According to estimates, it contains 118 million tons of ore grading 1.8% lithium oxide in mineral form.
However, its unique mineral form also creates issues for extraction technology, making the latest direct lithium extraction (DLE) advancements inapplicable.
Faced with large environmental protests, the government revoked licenses in January 2022 before reinstating them earlier this year. Still, environmentalists' backlash remains despite Rio Tinto's guarantees that the project will be subject to stringent environmental requirements and compliant with Serbian and EU regulations.
Even if everything goes right, mines take time to develop, and it is unlikely Rio Tinto will start production in Serbia before 2028. Thus, its <a target="_blank" href="https://www.benzinga.com/m-a/24/10/41250060/arcadium-lithium-stock-is-soaring-wednesday-whats-behind-the-move" rel="noreferrer noopener">latest acquisition</a> of Arcadium (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>) makes sense.
Arcadium has a <a target="_blank" href="https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-acquire-arcadium-lithium" rel="noreferrer noopener">global operation</a> spanning five continents. It has lithium assets in Australia and Argentina, alongside downstream conversion assets in the U.S., China, Japan, and the U.K.
Geographical diversity aligns with Rio Tinto's global orientation, giving it a presence in Argentina—a rapidly growing lithium market—while also strengthening its domestic assets. Furthermore, with Rio Tinto's technical expertise, Arcadium's 75,000-ton production capacity could grow as much as 130% by 2028.
Meanwhile, initial production estimates placed Serbia's Jadar at 58,000 tons. Thus, a 90% premium to market cap with $6.7 billion in cash for Ardacium's assets and technology seemed like a good bet, especially given its enterprise value of $10.6 billion at the time of its creation and the lithium's current price, which is over 80% off its 2022 highs.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41268494/china-pledges-24b-for-coal-to-oil-infrastructure-to-reduce-oil-imports" target="_blank" rel="noreferrer noopener">China Pledges $24B For Coal-to-Oil Infrastructure To Reduce Oil Imports</a></li>
</ul>

Government

Legal

Serbian Parliament Doesn't Pass Lithium Ban, Keeps Rio Tinto's Major Project Alive

See-sawing mood persists on Wall Street as the index futures point to a marginally lower start on Wednesday after the tech-led rebound witnessed in the previous session. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is advancing in premarket and the rest of the big techs were just about higher. Commodities are weakening and bond yields are easing. Federal Reserve&#8217;s September rate-setting meeting minutes, speeches by Fed officials and developments around Hurricane Milton&#8217;s landfall in Florida could be on traders&#8217; radar.
Some may choose to move to the sidelines ahead of Thursday&#8217;s consumer price inflation report which is expected to show a further easing in pricing pressure. Some key earnings reports are also expected to drop over the next two sessions, which is likely to give early indications regarding how this reporting season will pan out.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.08%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.06%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.07%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.13%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.04% to $572.93 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) moved down 0.209% to $488.85, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
IT, communication services and consumer discretionary stocks fueled a strong rally on Wall Street on Tuesday even as energy stocks served as drags. The gains came despite the threat of Hurricane Milton looming large. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rose over 4% after contracts electronics manufacturer Hon Hai Precision Manufacturing Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) issued positive commentary about the demand for the former&#8217;s Blackwell GB200 chips. The positive sentiment rubbed off on other AI-levered tech stocks as well.
The Nasdaq Composite and the S&amp;P 500 hovered in positive territory throughout the session, while the Dow Jones Industrial Average experienced volatility before closing modestly higher. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.45%</td>
<td>18,182.92</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.97%</td>
<td>5,751.13</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.30%</td>
<td>42,080.37</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.09%</td>
<td>2,194.98</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The current bull market started on Oct. 12, 2022, and as its second anniversary nears, a strategist suggested there be could many more years of gains. Carson Group&#8217;s Chief Markey Strategist Ryan Detrick said the S&amp;P 500 Index is up 61% so far in this bull market. On average, a bull market lasts about 5.5 years and the average gain clocked is 181%.
The strategist said the bull market may not end soon. Sharing a graphic showing performances of the index during the previous bull markets, he said, &#8220;Many more years of gains would be perfectly normal.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The bull market is about to turn two. Stocks are up 61% during this bull market, compared with the avg bull market lasting 5.5 years and gaining 181%. Yes, it &#39;could&#39; end soon, but we don&#39;t think it will. In fact, this shows many more years of gains would be perfectly normal. <a href="https://t.co/sbPROOIrTg">pic.twitter.com/sbPROOIrTg</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1843649022126690442?ref_src=twsrc%5Etfw">October 8, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
<ul>
<li>The Fed speakers lined up for the day include:
<ul>
<li>Atlanta Fed President Raphael&nbsp;Bostic: 8 a.m. EDT, 12:45 p.m. EDT</li>
<li>Dallas Fed President Lorie&nbsp;Logan: 9:15 a.m. EDT</li>
<li>Chicago Fed President Austan Goolsbee: 10:30 a.m. EDT</li>
<li>Federal Reserve Vice Chair Philip Jefferson: 12:30 p.m. EDT</li>
<li>Boston Fed President Susan Collins: 5 p.m. EDT</li>
<li>San Francisco Fed President Mary&nbsp;Daly: 6 p.m. EDT</li>
</ul>
</li>
<li>The Commerce Department is due to release wholesale inventories report for August at 10 a.m. EDT. Economists, on average, expect wholesale inventories to rise 0.2% month-over-month, the same pace as in July.</li>
<li>The Energy Information Administration is scheduled to release its customary weekly petroleum status report at 10:30 a.m. EDT.</li>
<li>The Treasury is set to auction 10-year notes at 1 p.m. EDT.</li>
<li>The Federal Open Market Committee will release the minutes of its September rate-setting meeting at 2 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Helen of Troy Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HELE#NASDAQ">HELE</a>) is due to report its quarterly results before the market opens, while Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) and AZZ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZZ#NYSE">AZZ</a>) will announce their results after the market close.</li>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) climbed over 7% after the company announced a new portfolio of fabric switches meant for demanding AI workloads in accelerated computing platforms deployed at cloud-scale.&nbsp;</li>
<li>Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rose over 3% on a positive analyst action.</li>
<li>Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) slipped over 1% after the company said talks with union members weren&#8217;t going smoothly. Following the strike, S&amp;P placed  Boeing&#8217;s rating on CreditWatch as negative.</li>
<li>Australian miner Arcadium Lithium plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>) soared more than 30% after the company announced an agreement to be acquired by Rio Tinto Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
 Crude oil futures traded modestly lower following Tuesday&#8217;s sharp retreat and gold futures were little changed. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down less than a percent at a little over $62K. The yield on the benchmark 10-year Treasury note was down 1.9 points to 4.016%.
The Asian stocks had another mixed outing on Wednesday, with China&#8217;s Shanghai Composite slumping 6.62% and Hong Kong&#8217;s Hang Seng Index falling 1.38%. The lack of any further announcements concerning additional stimulus weighed down on these two markets. On the other hand, the Japanese market advanced. The South Korean market was closed for a public holiday.
The European markets were firmer in early trading on Wednesday. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41245350/nvidia-poised-to-overtake-apple-as-worlds-most-valuable-company-how-much-jensen-huangs-company-n">Nvidia Poised To Overtake Apple As World&#8217;s Most Valuable Company: How Much Jensen Huang&#8217;s Company Needs To Gain By Wednesday</a></li>
</ul>
Photo via Shutterstock

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Pre-Market Outlook

$BTC

AFRM

ALAB

APLD

HELE

HNHPF

NVDA

US Stocks Set To Open Marginally Lower, Nvidia Gains, Traders Eye Fed Minutes: Strategist Predicts Many More Years Of Gains Ahead Of Bull Market's 2nd Anniversary

Rio Tinto PLC ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) has announced a definitive agreement to acquire Arcadium Lithium plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>) in an all-cash deal valued at $6.7 billion.
What Happened: As per the press release on Wednesday, the acquisition price of $5.85 per share represents a 90% premium over Arcadium&#8217;s closing price on Oct. 4.
According to <a href="https://pro.benzinga.com">Benzinga Pro</a>, at the time of writing, Arcadium was up by 29.48% in pre-market since its Tuesday close while Rio was trading 1.16% lower than its previous day&#8217;s closing price.
The transaction will integrate Arcadium&#8217;s lithium operations into Rio Tinto&#8217;s portfolio, positioning the company as a leader in energy transition commodities. Arcadium, a vertically integrated lithium chemicals producer, boasts a production capacity of 75,000 tonnes of lithium carbonate equivalent annually, with plans to double by 2028.
This acquisition comes at a time when Rio Tinto is in heated debates with the Serbian government on a proposal to ban lithium and borate mining, a move that could impact Rio Tinto&#8217;s significant mining project in the country&#8217;s western region.
As per Reuters on Monday, Serbia reinstated Rio Tinto&#8217;s license in July to develop what is poised to be Europe&#8217;s largest lithium mine, reversing a previous government decision influenced by environmental protests.
The Jadar lithium project, valued at $2.4 billion, is expected to fulfill 90% of Europe&#8217;s current lithium demand, potentially establishing Rio Tinto as a key player in the global lithium market.
Rio Tinto&#8217;s CEO, Jakob Stausholm, emphasized the strategic importance of this acquisition, stating it aligns with the company&#8217;s long-term goals and enhances its capabilities in lithium production. Arcadium&#8217;s CEO, Paul Graves, expressed confidence in the deal, highlighting its potential to accelerate Arcadium&#8217;s growth strategy.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41204472/if-you-invested-1000-in-bitcoin-when-rap-legend-nas-sang-that-he-was-coin-based-basically-?itm_source=parsely-api"> If You Invested $1000 in Bitcoin When Rap Legend Nas Sang That He Was &#8216;Coin-Based, Basically Crypto-Currency Scarface,&#8217; Here&#8217;s How Much You&#8217;d Have Today</a>
The acquisition, approved by both companies&#8217; boards, is expected to close by mid-2025, pending shareholder and regulatory approvals. This strategic move comes as Rio Tinto aims to capitalize on the growing demand for lithium, driven by the global energy transition.
Why It Matters: The acquisition of Arcadium Lithium marks a significant step for Rio Tinto in its ambition to become a major player in the <a href="https://www.benzinga.com/news/large-cap/24/10/41203850/rio-tinto-confirms-interest-in-arcadium-lithium-shares-surge">global lithium market.</a> Earlier in October, Rio Tinto confirmed its interest in acquiring Arcadium, a key supplier for Tesla Inc., which caused Arcadium&#8217;s shares to surge. This acquisition positions Rio Tinto as one of the largest lithium producers worldwide, trailing only behind industry giants like Albemarle Corp and SQM.
In June, Rio Tinto announced plans to initiate <a href="https://www.benzinga.com/news/large-cap/24/06/39357247/rio-tinto-to-initiate-largest-european-lithium-project-by-2028">Europe&#8217;s largest lithium project</a> by 2028 in Serbia. The Jadar project, which has been on hold since 2022, is set to produce 58,000 tons of refined battery-grade lithium carbonate annually. This project is expected to supply 17% of Europe&#8217;s electric vehicle production needs, underscoring Rio Tinto&#8217;s strategic focus on the lithium market.
Read Also:
<ul>
<li>Why Arcadium Lithium Shares Are Trading Higher By 28%; Here Are 20 Stocks Moving Premarket</li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image via Pixabay

Major Tesla Supplier Arcadium Lithium Jumps Over 30% In Pre-Market After Rio Tinto Agrees To Buy Company For $6.7B

Shares of Saratoga Investment Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAR#NYSE">SAR</a>) rose sharply in today's pre-market trading after the company reported better-than-expected earnings and sales results <a href="https://www.benzinga.com/quote/SAR/earnings">for its second quarter</a>.
The company reported quarterly earnings of $1.33 per share which beat the analyst consensus estimate of 94 cents per share.
Saratoga Investment shares jumped 7.9% to $25.43 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Carmell Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTCX#NASDAQ">CTCX</a>) rose 52.5% to $0.5118 in pre-market trading after dipping 5% on Tuesday.</li>
<li>WW International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WW#NASDAQ">WW</a>) rose 42.4% to $1.65 in pre-market trading. WW shares jumped 47% on Tuesday after the company announced the addition of compounded semaglutide into its offering.</li>
<li>Arcadium Lithium plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NASDAQ">ALTM</a>) gained 31.1% to $5.56 in pre-market trading after Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) announced plans to acquire the company in an all-cash transaction for $5.85 per share.</li>
<li>Kezar Life Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KZR#NASDAQ">KZR</a>) shares rose 20.3% to $0.8850 in pre-market trading. Tang Capital Management disclosed a 9.9% active stake in Kezar Life Sciences with 7.2 million shares acquired for $5.6 million.</li>
<li>iCoreConnect Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICCT#NASDAQ">ICCT</a>) shares gained 16.1% to $0.4150 in pre-market trading. iCoreConnect recently announced it acquired substantially all of the assets of the Healthcare Circle of Excellence..</li>
<li>PLBY Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLBY#NASDAQ">PLBY</a>) shares surged 12% to $0.80 in pre-market trading.</li>
<li>The Oncology Institute, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOI#NASDAQ">TOI</a>) shares jumped 10.2% to $0.3449 in pre-market trading after declining around 4% on Tuesday.</li>
<li>IN8bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INAB#NASDAQ">INAB</a>) gained 9.5% to $0.2466 in pre-market trading after dipping around 12% on Tuesday.</li>
<li>Standard Lithium Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLI#NYSE">SLI</a>) rose 7.5% to $1.86 in pre-market trading after declining 8% on Tuesday.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Paltalk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PALT#NASDAQ">PALT</a>) shares dipped 20.2% to $2.45 in pre-market trading after falling around 4% on Tuesday.</li>
<li>Kidpik Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIK#NASDAQ">PIK</a>) shares declined 19.6% to $1.76 in pre-market trading.</li>
<li>Moolec Science SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLEC#NASDAQ">MLEC</a>) fell 19.2% to $0.7100 in today's pre-market trading. The company recently reported a loss for the fourth quarter.</li>
<li>LeddarTech Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LDTC#NASDAQ">LDTC</a>) shares fell 18.7% to $0.22 in pre-market trading after gaining 3% on Tuesday.</li>
<li>Nature&#8217;s Miracle Holding Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NMHI#NASDAQ">NMHI</a>) fell 17% to $0.1632 in pre-market trading after gaining 45% on Tuesday.</li>
<li>Ambow Education Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMBO#NYSE">AMBO</a>) shares declined 15.8% to $3.52 in pre-market trading after gaining 4% on Tuesday.</li>
<li>Royalty Management Holding Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMCO#NASDAQ">RMCO</a>) shares fell 14.7% to $0.7865 in pre-market trading after declining 3% on Tuesday.</li>
<li>Ontrak, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OTRK#NASDAQ">OTRK</a>) shares fell 14.2% to $2.37 after jumping 52% on Tuesday.</li>
<li>Delek Logistics Partners, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKL#NYSE">DKL</a>) fell 10.2% to $40.11 in pre-market trading. Delek Logistics Partners priced its public offering of 3,846,153 common units at $39 per unit.</li>
<li>UP Fintech Holding Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGR#NASDAQ">TIGR</a>) declined 7.3% to $8.92 in pre-market trading after dipping around 16% on Tuesday.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/markets/24/10/41238686/jim-cramer-ast-spacemobile-is-just-too-hot-recommends-buying-this-tech-stock">Jim Cramer: AST SpaceMobile Is &#8216;Just Too Hot,&#8217; Recommends Buying This Tech Stock</a></li>
</ul>

AMBO

CTCX

ICCT

INAB

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MLEC

NMHI

OTRK

PALT

PLBY

RMCO

TIGR

Why Saratoga Investment Shares Are Trading Higher By Around 8%; Here Are 20 Stocks Moving Premarket

<ul>
<li>World-class lithium business to strengthen Rio Tinto&#39;s position as global leader in</li>
<li>energy transition commodities</li>
<li>Counter-cyclical expansion into a high-growth market, aligned with Rio Tinto&#39;s long-term strategy and disciplined capital allocation framework</li>
<li>Rio Tinto&#39;s scale, project development capabilities and financial strength to unlock full potential of</li>
<li>Arcadium Lithium&#39;s Tier 1 resource base</li>
</ul>

Rio Tinto To Acquire Arcadium Lithium For $6.7B At $5.85/Share, Boosting Global Position In Lithium Market

Rio Tinto plc ADR Common Stock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) shares are trading lower by 4.2% to $66.65 Tuesday afternoon. Shares of copper and iron ore companies are trading lower amid China <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41227136/chinese-stocks-plunge-as-stimulus-hopes-fade-hong-kong-posts-worst-daily-decline-si">stimulus uncertainty</a>.
What Happened: Rio Tinto shares fell today in response to a sharp selloff in Chinese markets, with the Hang Seng Index plunging more than 9%. 
The drop, the index's worst since the 2008 financial crisis, was driven by mounting investor disappointment over the lack of aggressive economic stimulus from Beijing, sparking fears of slowing demand for key commodities like iron ore, copper and aluminum—major products in Rio Tinto&#8217;s portfolio.
Rio Tinto&#8217;s business is closely tied to the health of the Chinese economy, which accounts for a significant portion of global demand for industrial metals. As one of the world's largest consumers of raw materials, China's economic policies and growth trajectory have a direct impact on the mining giant's revenues.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/10/41236355/stocks-rally-as-oil-prices-tumble-tech-chipmakers-lead-as-traders-focus-on-ai-winners-before-earnin">Stocks Rally As Oil Prices Tumble; Tech, Chipmakers Lead As Traders Focus On AI Winners Before Earnings Season: What&#8217;s Driving Markets Tuesday?</a>
What Else: For Rio Tinto, the market reaction reflects growing concerns about the demand outlook for industrial commodities, particularly iron ore, which is used primarily in steel production—a key component of China's infrastructure and construction sectors. Without strong stimulus measures, particularly in the form of new infrastructure projects or housing construction, analysts fear that China's demand for iron ore could stagnate or even decline. This would be a major headwind for Rio Tinto, which derives a significant portion of its revenue from iron ore production in Australia, one of the company&#8217;s core businesses.
Copper, a key material in construction, electronics and renewable energy projects, has been a focal point for Rio Tinto's growth strategy as it positions itself to benefit from the global energy transition. However, if China's economic slowdown continues, demand for copper and aluminum could also weaken, further weighing on Rio Tinto's outlook.
Rio Tinto has been benefiting from strong commodity prices over the past few years, driven by China's previous stimulus efforts and post-pandemic recovery. But the current lack of significant fiscal support from Beijing raises concerns that the mining giant may face softer demand, particularly if economic growth in China continues to fall short of expectations. 
With China's property sector still facing challenges and infrastructure investment lagging, the absence of a more aggressive stimulus package could signal a slower rebound in key industries that drive commodity consumption.
<a href="https://www.benzinga.com/markets/cannabis/24/10/41233018/exclusive-ross-gerber-sees-tsunami-of-money-pouring-into-cannabis-companies-upon-federal-legaliz">EXCLUSIVE: Ross Gerber Sees &#8216;Tsunami Of Money&#8217; Pouring Into Cannabis Companies Upon Federal Legalization, Says Cannabis Is One Of &#8216;Biggest&#8217; Opportunities Beyond AI</a>
<h2 class="wp-block-heading">Is RIO A Good Stock To Buy?</h2>
An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages &#8211; like <a href="https://www.benzinga.com/quote/RIO">Rio Tinto</a>&#8216;s page for example &#8211; there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.
These are known as capital allocation programs. Rio Tinto does pay a dividend, which yields 7.77% per year as of the closing price on Oct. 8, 2024. Feel free to search Benzinga's <a href="https://www.benzinga.com/calendars/dividends">dividend calendar</a> for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.
For example, if you're looking to earn an annualized return of 14.18%, you'll need to buy a share of Ellington Residential by the Oct. 31, 2024. Once done, you can expect to receive a nominal payout of $0.08 on Nov. 25, 2024.
Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on <a href="https://www.benzinga.com/quote/RIO">Rio Tinto</a> will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, RIO has a 52-week high of $75.09 and a 52-week low of $59.35.

Why Rio Tinto Stock Is Trading Lower Tuesday

Rio Tinto exec seeks faster permitting from new Trump administration

My Top 10 High Dividend Yield Companies For November 2024: 2 Yield More Than 8%

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Unusually active option classes on open November 8th

Warning: RIO is at high risk of cutting its dividend

In a report released on November 7, Kaan Peker from RBC Capital maintained a Hold rating on Rio Tinto (RIO – Research Report), with a price target ...

RBC Capital Reaffirms Their Hold Rating on Rio Tinto (RIO)

BHP, Rio Tinto slide as latest China stimulus measures disappoint

In a report released on November 10, Kaan Peker from RBC Capital maintained a Hold rating on Rio Tinto (RIO – Research Report), with a price target...

Rio Tinto (RIO) Gets a Hold from RBC Capital

Barclays raised the firm's price target on Rio Tinto (RIO) to 6,100 GBp from 5,600 GBp and keeps an Overweight rating on the shares. Published firs...

Rio Tinto price target raised to 6,100 GBp from 5,600 GBp at Barclays

Palantir (PLTR) has renewed its multi-year enterprise agreement with the Rio Tinto (RIO). The agreement extends the enterprise agreement for an add...

Palantir renews multi-year enterprise agreement with Rio Tinto

Rio Tinto (RIO) has approved construction of a new 25-megawatt solar plant at its Kennecott copper operation in Utah, bringing the mine's total sol...

Rio Tinto approves new solar plant to power Kennecott

AAUKF

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FSUMF

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GLNCY

LUNR

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NGLOY

PARA

PARAA

SEDG

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SONY

VALE

Small Cap

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Mining Sector Prepares Ahead of 1,500% Surge in Lithium Demand by 2050

Domestic Mining Development Crucial as Copper Demand Skyrockets: Experts Say

Copper Price Set to Rebound Amid Supply Shortages and EV Demand Surge, Miners Respond

Iron Ore's Price Collapse Threatens Mining Operations

Rio Tinto Buys Arcadium Lithium For $6.7 Billion

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