Shares of FMC Corp (FMC) are hitting new 52-week highs on Wednesday, climbing 8.4% after the company beat on earnings per share and revenue expectations.
The company has a lithium division that is absolutely "on fire," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Stop Trading" segment.
Management "dramatically raised their numbers for lithium," which is a key component in batteries, Cramer explained. FMC is likely to spin-off its lithium business into its own separately traded entity. This will give investors a pure-play lithium stock, which should benefit from constantly increasing demand of battery products.
FMC is "such a great stock" that "can go much higher," he said.
"This is a new star and people should focus on it," Cramer concluded.
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