The increase "is largely due to increasing demand for electric vehicles and the inelastic nature of supplies," says Alec Lucas, research analyst at Global X. Bringing new production capacity online can take three to five years or more, "for studies, permitting, capital raising, and capital expenditure before any lithium is produced."
Hurricane Ian Makes Landfall in Florida as Powerful Category 4 Storm
Hurricane Ian struck southwestern Florida on Wednesday as a damaging Category 4 storm packing maximum sustained winds of 150 miles an hour, making it one of the strongest storms on record to hit the U.S.
The point of landfall was near Cayo Costa, a small island on the Gulf Coast near Cape Coral and Fort Myers. Ian's effects are expected to be widespread and catastrophic, including a storm surge that could reach 18 feet. Tropical storm-force winds late Wednesday extended 175 miles from the storm's center, while hurricane-force winds reached 50 miles out.
Biden Administration Grants Waiver Allowing Diesel Shipment Into Puerto Rico
The Biden administration on Wednesday approved a temporary waiver to Jones Act shipping restrictions to allow a tanker to deliver diesel fuel to Puerto Rico needed to run generators following the devastation caused by Hurricane Fiona.
The waiver was granted after criticism from Puerto Rico's governor and other officials while the BP ship sat off the island's coast, unable to unload 300,000 barrels of diesel fuel because of the law that limits domestic U.S. maritime shipments to U.S.-flagged vessels. The BP vessel, which picked up its fuel cargo in Texas, is flagged to the Marshall Islands.
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Economic Indicators (ET):
0830 Jul Payroll employment, earnings & hours
0830 Jul GDP
Stocks to Watch:
Monarch Mining 4Q Loss/Shr C$0.26; Loss C$22.7M
Tims China Completes Business Combination With Silver Crest Acquisition; Yongchen Lu, CEO of Tims China, and Derek Cheung, Former CEO of Silver Crest, Join Tim's China Board
Westport Fuel Systems: Unveiled New H(2) HPDI Fuel System for Heavy-Duty Vehicles; New System Expected to Substantially Reduce CO(2) Emissions in Alignment With EU Decarbonization Goals
Expected Major Events for Thursday
00:30/JPN: Aug Detailed Import & Export Statistics
08:00/ITA: Aug PPI
08:00/GER: Sep Brandenburg CPI
08:00/GER: Sep Bavaria CPI
08:00/GER: Sep Hesse CPI
08:00/GER: Sep Baden-Wuerttemberg CPI
08:00/GER: Ifo Joint Economic Forecast of German economic research institutes
08:30/GER: Sep North Rhine Westphalia CPI
09:00/GER: Sep Saxony CPI
12:00/GER: Sep Provisional CPI
12:30/CAN: Jul Payroll employment, earnings & hours
12:30/US: 2Q Revised Corporate Profits
12:30/US: 09/24 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: U.S. Weekly Export Sales
12:30/CAN: Jul GDP
12:30/US: 2Q 3rd estimate GDP
13:00/RUS: Weekly International Reserves
14:30/US: 09/23 EIA Weekly Natural Gas Storage Report
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
23:30/JPN: Aug Labour Force Survey
23:50/JPN: Aug Preliminary Retail Sales
23:50/JPN: Aug Preliminary Industrial Production
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Expected Earnings for Thursday
Bassett Furniture Industries Inc (BSET) is expected to report $0.64 for 3Q.
Bed Bath & Beyond Inc (BBBY) is expected to report $-2.05 for 2Q.
CarMax Inc (KMX) is expected to report $1.43 for 2Q.
Comtech Telecommunications Corp (CMTL) is expected to report $-0.10 for 4Q.
Micron Technology (MU) is expected to report $1.28 for 4Q.
NIKE Inc (NKE) is expected to report $0.94 for 1Q.
Radiant Logistics (RLGT) is expected to report $0.32 for 4Q.
Rite Aid Corp (RAD) is expected to report for 2Q.
Taylor Devices (TAYD) is expected to report for 1Q.
Webco Industries Inc (WEBC) is expected to report for 4Q.
Worthington Industries (WOR) is expected to report $0.88 for 1Q.
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ANALYST RATINGS ACTIONS
Avient Cut to Perform From Outperform by Oppenheimer
Biogen Raised to Buy From Neutral by Mizuho
Biogen Raised to Outperform From Market Perform by BMO Capital
Biogen Raised to Outperform From Neutral by Baird
CSX Corp Cut to Neutral From Positive by Susquehanna
Healthpeak Properties Raised to Outperform From Peer Perform by Wolfe Research
Illumina Raised to Outperform From In-Line by Evercore ISI Group
L3Harris Technologies Cut to Equal-Weight From Overweight by Wells Fargo
Lakeland Bancorp Cut to Neutral From Buy by DA Davidson
Lakeland Bancorp Cut to Neutral From Buy by Janney Montgomery Scott
Lockheed Martin Cut to Underweight From Equal-Weight by Wells Fargo
Netflix Raised to Overweight From Neutral by Atlantic Equities
Norfolk Southern Cut to Neutral From Positive by Susquehanna
PhaseBio Pharmaceuticals Cut to Hold From Buy by Needham
PhaseBio Pharmaceuticals Cut to Market Perform From Outperform by William Blair
Salesforce Cut to Neutral From Buy by Cleveland Research
SouthState Raised to Overweight From Neutral by Piper Sandler
Steven Madden Raised to Buy From Neutral by CL King
Truist Financial Raised to Overweight From Neutral by Piper Sandler
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
September 29, 2022 05:20 ET (09:20 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.