- NYSE:LCID firmly up on its first trading day.
- CCIV shareholders showed up on Friday and officially passed the vote to merge.
- Monday is a big day in the electric vehicle sector.
Update: CCIV or LCID as it is now is continuing to push on from its debut day. LCID shares are up 3% already in the first few minutes of trading as the Tesla competitor attracts new investors to the fold. The shares are currently trading at $25.99 for a gain of 3.2% on Wednesday.
Update: NYSE:LCID finished the day at $26.83, up 10.64%, as Wall Street reverted early losses and managed to end the day at fresh all-time highs. However, the advance was modest as investors stood cautious ahead of US first-tier data spread through the week. The NYSE Composte added 13 points, while the best performer was the Dow Jones Industrial Average which added 82 points or 0.24%.
Previous update: First day and if they are all like this then it is plain sailing ahead for the Tesla competitor. Lucid Motors stock rises a smooth 16% in the first hour of trading to hit $28.35. Shareholders finally got the deal done and now they are rewarded with some tsty gains. Tesla releases earnings after the close so those will also be closely watched.
NYSE:CCIV has officially seen its last day as a SPAC stock on the public markets, as it will now be delisted for Monday’s session. Shares of CCIV gained 5.90% to close its final session at $24.25. It was a tentative day otherwise in the electric vehicle sector as industry leader Tesla (NASDAQ:TSLA) fell a further 0.91%, Nio (NYSE:NIO) dipped 4.49%, and XPeng (NYSE:XPEV) dropped by 4.81%. Nio and XPeng were caught up in the broader beat down of Chinese stocks following the Chinese government’s announcement of unprecedented penalties it was imposing against ride hailing service Didi (NYSE:DIDI). Shares of Didi tumbled by 20.98% during Friday’s session.
Stay up to speed with hot stocks' news!
The second time was the charm for CCIV shareholders, who showed up on Friday to pass all seven proposals. Thursday’s shareholder vote was adjourned to Friday following one of the proposals not receiving enough votes, which temporarily stopped the merger from going through. The situation was the source of some humor on social media, as Lucid is known to have one of the most vocal retail followings around.
CCIV stock news
Lucid Motors will now debut on the NASDAQ exchange on Monday instead and trade under the ticker symbol LCID. Monday is turning out to be a big day in the industry as Tesla is also set to announce its second quarter earnings after the market closes. Expect Lucid to trade alongside Tesla as most of the electric vehicle industry does. If Tesla reports weaker guidance for the rest of the year, especially if it has to do with the global chip shortage, Lucid may see its price pull back as well.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: Slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.