WKHS Stock News: Workhorse Group Inc. set to extend falls from Trump-related rally

NASDAQ: WKHS is set to drop another 1% after falling by over 3% on Tuesday.
Workhorse Group Inc's shares previously jumped as President Trump viewed a Lordstown truck.
Tesla's expansion in China may help the entire EV industry rise.

Yohay Elam FXStreet

Markets are obsessed with President Donald Trump's debate with challenger Joe Biden – a chaotic battle which probably changed few voters' minds.

See Presidential Debate: Stocks set to suffer on Trump's refusal to accept the results

However, for investors in Workhorse Group Inc (NASDAQ: WKHS), the president made a more significant difference earlier in the week – which is now coming to haunt those that joined the rally too late.

WKHS stock news

Trump tweeted a picture of himself viewing a Lordstown Motors 2021 endurance truck. An electric delivery van is a promising mix of two trends – the growing demand for home deliveries amid the pandemic, and the rush into vehicles run on electricity.

Workhorse has a 10% stake in Lordstown, which is one of the most significant propositions for the firm. Having a presidential "endorsement" certainly helps the firm. However, as with anything related to Trump or twitter, the focus quickly shifts away to other things. Moreover, those who made money on that tweet later took profits.

Nevertheless, there are good reasons to like NASDAQ: WKHS. As mentioned earlier, the firm is in a growing industry yet it has already rallied and some suspect all the good news is already priced in.

The bulls probably need additional positive news, and that comes from Tesla. Elon Musk's EV company is the market leader, partially due to the boss's celebrity status.

Tesla announced it is rolling out China-made Model 3 vehicles with lithium iron phosphate batteries. Musk's expansion into China – despite worsening Sino-American relations and competition from NIO – is encouraging news for the whole industry.

Can Workhorse resume its rises? After additional profit-taking, there is probably room for fresh gains

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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