Shares of materials companies ticked higher as the AI boom boosts demand and copper and silver futures rally.
Air Products & Chemicals said it will not proceed with the Louisiana Clean Energy Complex project on the basis that its expected financial returns won't meet necessary levels. Air Products, which provides essential industrial gasses and chemicals, said Tuesday it expects to record roughly $2.9 billion in pretax charges due to its decision to not move forward with the project.
Two major names in the sector have their share price target cut. Fertilizer supplier Mosaic plunged after Morgan Stanley cut its price target to $26 from $28 a share, while construction materials provider Vulcan slid after RBC Capital cut its price target to $293 from $298.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
