- NASDAQ:MULN gained 14.20% during Friday’s trading session.
- Mullen Automotive reported some of its financial figures on Friday.
- EV stocks fly higher again as markets rally into the weekend.
NASDAQ:MULN rose for the third consecutive day to close the week as the beaten-down EV startup managed to reclaim the $1.00 price level in after-hours trading. On Friday, shares of MULN jumped by a further 14.20% and closed the trading week at $0.99. It was a bullish day all around as the major indices snapped out of their recent funk. The Dow Jones ended its six-day losing streak as the blue-chip index gained 466 basis points. The S&P 500 rose by 2.39% and the NASDAQ rose by 3.82% during the session. All three averages still closed the week in the red.
Stay up to speed with hot stocks' news!
Mullen Automotive sent out a press release of its financial figures early in Friday’s session which resulted in the stock’s major spike. The company reported cash equivalents of $65.2 million at the end of the second quarter, while its net assets rose and its debt fell sequentially by 10.8% from last quarter. It’s a great snapshot of Mullen’s financials, but the EV startup still needs to prove to shareholders and the market that it can produce a competitive product at some point in the near future.
MULN stock forecast
EV stocks were on the rise again on Friday led by industry leader Tesla (NASDAQ:TSLA) which saw its largest gain of the week. Shares of Tesla jumped as CEO Elon Musk said he is re-evaluating his acquisition of Twitter (NYSE:TWTR) although he reiterated he is still committed to the deal. Other EV stocks that were flying higher include Lucid (NASDAQ:LCID), Rivian (NASDAQ:RIVN), and Nio (NYSE:NIO). Ford (NYSE:F) stock was up by 8.52% after Morgan Stanley upgraded its stock to an equal weight rating with a price target of $13.00.
Like this article? Help us with some feedback by answering this survey:
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
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.