MULN Stock Forecast: Mullen Automotive inches higher, extending win streak to five days

NASDAQ: MULN gained 1.6% during Tuesday’s trading session.
Mullen reworked its convertible note agreement with its largest shareholder.
Electric truck maker Rivian jumped by 10% after an industry leader hinted at declining costs.

Stocks Reporter FXStreet

Mullen Automotive (MULN) rose higher for the fifth consecutive day as the stock continued to build off of the company’s recent catalysts. On Tuesday, shares of MULN gained 1.6% and closed the trading session at a price of $0.51. Stocks rallied for the third straight day as all three major averages rose ahead of the start of big tech earnings. Alphabet (GOOGL) and Microsoft (MSFT) both fell about 7% in afterhours trading as the former missed on earnings and sales, while the latter showed slowing Azure Cloud growth and uncertain guidance. Overall, the Dow Jones added 1.1%, the S&P 500 gained 1.6%, and the Nasdaq rose by 2.3% during the session.

Mullen Automotive stock price

Overshadowed by acquiring the rights to be the distributor of I-GO EVs in Europe on Monday was the fact that Mullen re-worked its convertible note agreement with Esousa Holdings. Esousa is the largest shareholder of Mullen’s stock and will receive convertible promissory notes with a value of $12.94 million. The new deal sees the maturity extended to July 2025 and is also able to be exercised at a discount of 5%.

Electric truck maker Rivian (RIVN) jumped higher by 10% on Tuesday after Tesla (TSLA) CEO Elon Musk stated that input costs were declining. This is the reason that Musk gave for Tesla reducing its MSRP in China by 9% for the Model Y and 5% for the Model 3. While price declines are usually a sign that margins will fall, if costs are also declining, it likely means margins will not be impacted as much. This was the reason EV stocks were rising higher on Tuesday.

MULN 5-minute chart 10/25/22

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Iran escalation: Quick thoughts on markets

Markets are likely to open the week with risk-off, with declines led by airlines, cyclicals and trade-exposed names, while energy, defense and “strategic” sectors may be relatively steadier.

Oil at a critical breakpoint: Will geopolitics trigger the next major move?

The week ahead blends two powerful forces: moderating economic momentum and increasing geopolitical tension. While US and Eurozone data suggest steady but unspectacular growth, rising friction between the US and Iran is injecting a fresh risk premium into energy markets. Macro is softening but geopolitics may dominate price action.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.