GSM - Why Ferroglobe Stock Jumped 24% Today
Shares of Ferroglobe (NASDAQ: GSM) are on fire this year. This morning alone, the metal stock surged a whopping 24% within minutes of the market's opening, and while it gave up some of those gains as the day progressed, it was still up around 17% at Thursday noon. With those gains, Ferroglobe stock has rallied almost 40% year to date, as of this writing.
Ferroglobe produces silicon metal, as well as silicon-based and manganese-based ferroalloys. Silicon is a key raw material for several industries, including steel, aluminum, solar power cells, semiconductors, and consumer products.
Prices of most metals have surged in the wake of the Ukraine-Russia conflict. Silicon is one of them, but that's not the reason Ferroglobe shares skyrocketed today.
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Why Ferroglobe Stock Jumped 24% Today