- NASDAQ:MULN kicked off the week on the wrong footing.
- EV stocks surge into the weekend as markets jump higher.
- Tesla received yet another price downgrade, this time from Credit Suisse.
Update: NASDAQ: MULN kicked off the week on the wrong footing, tumbling 10.27% to settle above four-day lows of $1.30. The stock failed to sustain last Friday’s rebound, tracking the negative momentum in Wall Street indices. Major US indices closed lower on Monday, weighed down by losses in technology shares, unable to continue with last week;s solid gains. The end-of-quarter flows combined with lingering recession fears kept investors on the back foot. Also, investors remain wary ahead of key US economic data and earnings reports that may escalate concerns over a potential economic slowdown.
NASDAQ:MULN had an eventful week, and closed out one of its strongest five-day periods of the year. On Friday, shares of MULN traded completely flat and closed the trading week at $1.46. A University of Michigan report released Friday morning stated that it anticipates inflation to retreat back to 5.3% over the next 12 months. This report combined with oversold conditions sent all three major indices well into the green, snapping their recent three-week slide. The Dow Jones added 823 basis points, the S&P 500 gained 3.06%, and the NASDAQ rose by 3.34% during the session.
While Mullen cooled off from its hot week, other EV stocks were trading well higher during Friday’s session. Both Nio (NYSE:NIO) and Tesla (NASDAQ:TSLA) jumped higher by about 4.5% on Friday, while XPeng (NYSE:XPEV) led the way for the industry with a 7.04% gain. Chinese EV makers were out performing US EV makers after the Chinese State Council has been reportedly seeking to keep tax breaks in place for Chinese consumers. Rivian (NASDAQ:RIVN) and Lucid (NASDAQ:LCID) were similar to Mullen and had minimal change during Friday’s session.
Mullen stock price
In other Tesla news, the company received a price downgrade from long-time bull Dan Levy of Credit Suisse. Levy remains bullish on the stock, although he lowered his price target from $1,150 to $1,000 citing lower delivery figures for the quarter, shrinking margins due to higher costs, and higher interest rates as the reasons for the price cut. Teslas has raised the prices for its vehicles a few times already and CEO Elon Musk has mentioned supply chain issues and rising costs numerous times over the past few months.
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