Albemarle Corp
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Materials : Chemicals | Mid Cap Growth
Company profile

Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals, which serves its customers across a diverse range of end markets, including energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals and crop protection. It operates through three segments. Lithium segment develops and manufactures a range of basic lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties and reagents, including butyllithium and lithium aluminum hydride. Bromine segment’s business includes products used in fire safety solutions and other specialty chemicals applications. Its fire safety technology enables the use of plastics by enhancing the flame-resistant properties of these materials. Catalysts segment offers three product lines, which includes Clean Fuels Technologies, fluidized catalytic cracking catalysts and additives, and performance catalyst solutions.

Premarket

Last Trade
Delayed
$223.12
0.19 (0.09%)
Bid
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Market Hours

Closing Price
$222.93
Day's Change
0.00 (0.00%)
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B/A Size
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Day's High
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Day's Low
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Volume
(Light)
Volume:
648

10-day average volume:
2,020,187
648

First Republic plans private stock sale to raise cash: reports

5:14 pm ET March 17, 2023 (MarketWatch)
Print

By Claudia Assis

First Republic stock sinks another 6% in after hours

First Republic is seeking to raise money from other banks or private-equity firms by selling new shares, the New York Times reported late Friday, citing people with knowledge of the discussions.

First Republic stock (FRC)sank 33% on Friday, and the shares were down another 6% in the extended session. The bank, which late Thursday received a $30 billion cash infusion from 11 major U.S. banks, has disclosed higher borrowing costs and suspended its dividend.

See also: First Republic Bank downgraded to 'junk' by S&P and Fitch on fears further deposit flight will hurt profitability

According to the report, terms of a deal are still being discussed, and a sale of the bank is also possible.

Contagion fears have rocked bank stocks after the failures of Silicon Valley Bank, Signature Bank and Silvergate Bank in the past week.

Related:Startups and VCs need another Silicon Valley Bank. Can any other bank fill the void?

San Francisco-based First Republic is seen as a potential fourth bank to fail because it served many wealthy clients from venture capital and banking around Silicon Valley.

First Republic stock ended the week down 86%, compared with weekly losses of 11% for the S&P 500 index.

-Claudia Assis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

	

(END) Dow Jones Newswires

March 17, 2023 17:14 ET (21:14 GMT)

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