CCIV Stock Price: Lucid Motors – Churchill Capital IV falls despite positive review from Evercore

NYSE:CCIV dipped by 2.52% on Tuesday amidst a choppy day for the broader markets.
Evercore ISI gives a glowing review of Lucid Motors.
The competition is getting stiff, as Chinese EV giant Nio gets another analyst upgrade.

Stocks Reporter FXStreet

NYSE:CCIV has seen its recent choppiness continue as things get volatile ahead of the upcoming shareholder vote for its merger with Lucid Motors. On Tuesday, the stock fell by 2.52% to close the day at $26.32, as the electric vehicle industry took a breather from its recent climb. The good news is that CCIV continues to see bounces off the support level of right around $26.30, which shows that the stock is consolidating nicely towards a breakout in either direction. With the positive catalyst of the Lucid merger, odds are that the breakout will continue on in the bullish uptrend.

Stay up to speed with hot stocks' news!

Renowned investment firm Evercore ISI had a recent walkthrough of the Lucid Motors studio, as well as a test drive in the Lucid Air Grand Touring sedan and the reviews were positive to say the least. Evercore was very impressed with Lucid’s studio, as well as giving glowing endorsements of the Air, stating that the powertrain definitely ‘holds its own against Tesla’. Evercore was also very complimentary about Lucid’s rise in vehicle reservations which now stands at higher than 10,000.

CCIV stock news

In other EV news, Chinese electric vehicle titan Nio (NYSE:NIO) received another generous analyst upgrade on Tuesday, as the stock continues to ride the momentum higher. CitiGroup reiterated its buy rating for Nio and raised the price target from $58.30 to $72.00 per share, which represents a near 45% upside from Tuesday’s closing price. Nio recently reported that it would be doubling its production capacity, as well as adding more battery swap stations throughout the country.

Author

Stocks Reporter

FXStreet

GBP/USD: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

EUR/USD flatlines above 1.1500, awaits US jobs data

EUR/USD holds steady around 1.1505 in European trading hours on Tuesday. Markets remain cautious ahead of a slew of US jobs data, starting with the JOLTS Job Openings Survey later today. However, the downside appears capped by hot Eurozone inflation in July, bolstering the case for a European Central Bank rate hike at the next meeting.

Gold holds steady above $4,050; hawkish Fed bets favor bearish traders

Gold remains confined in a range below the $4,100 mark through the early European session as traders opt to wait for further developments surrounding the Middle East crisis. Meanwhile, the uncertainty over US-Iran peace talks continues to act as a tailwind for the safe-haven US Dollar.

Aave: Bearish RSI divergence risks a 20% drop despite steady DeFi deposits

Aave (AAVE) extends a mild near-term recovery on Tuesday, holding above its 50-day Exponential Moving Average at $90.80. Aave protocol’s V3 deployment on Monad blockchain recorded over $500 million in deposits over the last month, reflecting increased user adoption.

US JOLTs report in focus

In the US, the June JOLTs report will be in the spotlight. Job openings have increased modestly this year, which has historically predicted rising wage cost pressures ahead. June trade balance data will also be released in the afternoon and the preliminary reading pointed towards a stable trade deficit from May. The Fed's Schmid (non-voter, hawk) will be on the wires overnight.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.