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Why Standard Lithium Stock Is Soaring Today

TheMotleyFool

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Why Standard Lithium Stock Is Soaring Today: https://g.foolcdn.com/editorial/images/824670/us-miner.jpg

Shares of Standard Lithium (NYSEMKT: SLI) jumped on Thursday, finishing the day up 11.7%. The rise came as the S 500 (SNPINDEX: ^GSPC) gained 0.3% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was flat.

Standard Lithium moved higher alongside much of the industry after MP Materials announced it had inked a major deal with the Department of Defense (DoD).

MP, which owns the sole operating rare earth mine in the US, announced this morning that the Pentagon is purchasing $400 million worth of shares in the company. The DoD is now the largest shareholder, controlling more than 15% and nearly twice that of CEO James Litinsky and Advisors.

Source Fool.com