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

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

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.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.