The industrial gas giant cited insufficient financial returns as the primary driver for scrapping the Louisiana project, a move that will trigger approximately $2.9 billion in pretax charges. While the broader sector benefits from the commodities rally, specific equities are weathering analyst scrutiny. Fertilizer producer Mosaic saw its share price drop sharply after Morgan Stanley lowered its price target from $28 to $26. Similarly, construction materials supplier Vulcan faced downward pressure following an RBC Capital decision to trim its target from $293 to $298 per share.
Materials Sector Climbs as Air Products Abandons Louisiana Project
A surge in copper and silver futures, coupled with the relentless appetite for artificial intelligence infrastructure, pushed materials sector shares upward on Tuesday. The rally persists despite a significant strategic retreat from Air Products & Chemicals, which confirmed the cancellation of its multi-billion dollar Louisiana Clean Energy Complex.
Comments (0)
No comments yet. Be the first!