- NYSE:CCIV dropped by 4% straight after the opening bell on Tuesday.
- Lucid Motors unveils a stunning new commercial during Elon Musk’s Saturday Night Live episode.
- The electric vehicle stocks led by Tesla were all hammered on Monday following Musk’s latest antics.
Update May 12: CCIV shares staged a solid comeback after falling as much as 4% in opening trades on Tuesday. The stock tumbled to a four-month low of $17.42 before reversing entire losses to settles modestly flat at $18.60. Despite the recovery, CCIV is down nearly 70% from its 52-week highs of $64.86. The decline comes on the back of reports that the US Securities Exchange Commission (SEC) is considering new guidance to rein in growth projections made by listed SPACs. Meanwhile, a broader market sell-off amid fears over rising inflation also collaborated with the downside in CCIV. The focus remains on the all-important US CPI data for fresh Wall Street cues.
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Lucid Motors made a statement over the weekend, as the company aired an impressive new commercial of its Lucid Air sedan during the episode of Saturday Night Live hosted by Elon Musk. Although the commercial did not seem to have any effect on the stock, it was a blatant challenge to industry leader Tesla (NASDAQ:TSLA) as the competition in the electric vehicle sector continues to heat up. Other automakers like Ford (NYSE:F) and Volkswagen also aired commercials during the episode.
CCIV stock news
The entire electric vehicle sector was hammered down on Monday, as growth stocks continued to get pummelled. The sell off was led by Tesla, which saw a 6.44% drop, followed by Chinese automakers Nio (NYSE:NIO) and XPeng (NYSE:XPEV), who saw 7.09% and 4.64% drops respectively. Iconic American automaker Ford (NYSE:F) was little changed after announcing the unveiling of its much anticipated electric Ford F-150 Lightning model on May 19th.
Previous updates
Update: CCIV shares continue to struggle for buyers as the stock drops immediately by 4% just after the open on Tuesday. TSLA continues to struggle, dragging the sector down. Retail stocks are seeing some buyers after PLTR posted strong earnings, but so far CCIV is being shunned.
NYSE:CCIV has been one of the most anticipated SPAC IPO mergers over the last year, and yet its stock price continues to fall alongside the broader markets. Monday saw CCIV extend its losses as the shell company dropped a further 3.3% to close the trading day at $18.64. As shares continue to fall back down toward CCIV’s NAV price, the 52-week high of $64.86 seems more like a mirage and an aberration. Investors patiently wait until the merger is complete, which is anticipated to still take place at some point during this current quarter.
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