Mining Stock Extends Slump After Big Purchase

RIO is currently stuck in an eight-day losing streak, and options bears are piling on Rio Tinto plc ADR (NYSE:RIO) is getting into the lithium market. The global mining giant that produces iron ore, copper, aluminum, and other materials officially announced its purchase of U.S.-based Arcadium Lithium (ALTM) for $6.7 billion, or$5.85 per share. RIO is down 2% to trade at $65.37 in response, while ALTM is 30$5.55. Rio Tinto stock gapped lower by 4.3% yesterday when the news first broke. ...