- NYSE:CCIV extends decline on Monday despite Wall Street's performance.
- Lucid Motors announces the opening of its newest studio store in Manhattan, New York.
- Lucid hopes its lidar driver assistance technology can set it apart from its rivals.
Update June 22: The shares of CCIV (NYSE: CCIV) fell for the first time in four trading sessions on Monday, kicking off the week on a wrong footing. The stock ditched the upbeat broader market sentiment as the Fed’s tightening fears eased, settling the day about 2% lower - just shy of the $23 mark. The recent correction seen across the Electric Vehicles (EV) stocks weighed on CCIV. Further, markets remain concerns over the valuations for Lucid Motors, as they appear overstretched.
NYSE:CCIV seems to be stuck in neutral as the stock fell yet again on Friday to close out what at first appeared to be a bullish outbreak late last week. On Friday, shares of CCIV dipped by 0.64% to close the trading session at $23.40. Growth stocks and much of the broader markets were forced to deal with the volatility that comes on the quarterly quad-witching day, so it should come as no surprise to investors that CCIV struggled to move.
Lucid Motors did announce via its Twitter account that it is opening a new studio store location in the Meatpacking District of Manhattan. Lucid has been busy setting up showcases around North America to garner attention for the upcoming release of its Lucid Air sedan. The new location comes alongside a large push by Lucid for the third and fourth quarters of 2021, where it is also planning on opening new studio locations in key areas like Seattle, Denver, Houston, Dallas, Vancouver, and San Diego, amongst others.
CCIV stock news
Lucid also released some more information about its DreamDrive driver assistance system that is set to be included in its Lucid Air vehicles. Lucid is banking on the 32-sensor system to provide a competitive advantage over rivals like Tesla (NASDAQ:TSLA) which has seen increasing controversy around its autonomous driving systems. Alphabet (NASDAQ:GOOGL) backed Waymo, was also making headlines this week after one of its self-driving vehicles was in an accident with a scooter, although thankfully there were no serious injuries.
Update June 21: NYSE:CCIV lost 1.88% on Monday to close the day at $22.96 barely bouncing from an intrday low of $22.75. Wall Street posted a nice comeback after the post-Fed slump, with the NYSE Composite Index up 265 points or 1.64%. The Dow Jones Industrial Average added roughly 600 points, the largest daily advance this year.
CCIV shares are falling further on Monday as many retail stocks suffer. Most of the crypto-related stocks are lower as Bitcoin falls. CCIV shares have retreatd to the 21-day moving average a key short term support level. A break here and volume dries up leading to a test of $21.25 support.
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