- 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 holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.