After shares of Cobalt International Energy (NYSE:CIE) almost doubled this week, there are skeptics looking into why – and one of them thinks he has a reason.
Spencer Jakab of The Wall Street Journal believes the shares for the company got to where they are due purely to the fact that it has “cobalt” in its name. Much like what appears to be happening now in the cryptocurrency world, as well as what happened in the 1990s with the dot-com bubble, Jakab attributes this gain to the worry from electric car makers about maintaining enough supply of cobalt and subsequent investors then throwing money at any company that is even slightly involved in cobalt.
Merely having cobalt in the name of a company is more than enough to get electric car makers (and therefore investors) interested, so claims Jakab, and Cobalt International Energy certainly fits the ticket.
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