Stock Market Today, July 16: Lucid Group Surges on CEO's Denial of Bankruptcy and Take-Private Rumors
Lucid Group (NASDAQ:LCID), a luxury electric vehicle and EV technology maker, closed at $6.46, up 8.57%. CEO Silvio Napoli’s public denial of bankruptcy and take-private rumors drove the move, and investors are now watching the company’s liquidity efforts.
Trading volume reached 45.1 million shares, coming in about 116% above its three-month average of 20.9 million shares. Lucid Group IPO'd in 2020 and has fallen 93% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,534, down 0.51%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 25,882, down 1.47%. Among electric vehicle manufacturing and EV technology peers, Rivian Automotive (NASDAQ:RIVN) closed at $17.09, down 3.99%, and Tesla (NASDAQ:TSLA) closed at $391.06, down 0.86%, underscoring a softer tape for the group.
What this means for investors
The wild ride for Lucid stock this week began on Tuesday when a publication covering EVs reported that a consulting firm hired by Lucid management was advising the company on the possibility of filing Chapter 11 bankruptcy protection or being taken private.
Shares plunged more than 50%, and trading in the stock was halted. Lucid later vehemently denied that report, even threatening legal action. Last night, Lucid’s CEO went a step further. Silvio Napoli publicly posted another denial, clearly stating the company “is not considering bankruptcy or a transaction to take the company private.”
Investors will hear more when Lucid reports its full financial results on Aug. 4. That’s what investors should monitor to determine the company’s future path.
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Howard Smith has positions in Lucid Group, Rivian Automotive, and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
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