Lucid, Rivian Shares Are Trading Lower: What's Going On?
Portfolio Pulse from Adam Eckert
Shares of Lucid Group Inc (LCID) and Rivian Automotive Inc (RIVN) are trading lower, likely due to Tesla's weak quarterly results which missed analyst estimates and provided a weak outlook for 2024. Tesla's results have raised concerns about the EV industry's current state. Lucid and Rivian are set to report their Q4 financial results in February, with analysts expecting losses for both companies.
January 25, 2024 | 2:35 pm
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NEGATIVE IMPACT
Lucid's stock is down 5.32% due to Tesla's disappointing earnings, which may reflect broader EV market concerns. Investors are awaiting Lucid's Q4 results with a projected loss.
Lucid's stock decline is directly related to the negative sentiment generated by Tesla's earnings miss, which could indicate a challenging environment for EV makers. The anticipation of Lucid's own Q4 results adds to investor caution.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Rivian's stock is down 2.04% following Tesla's earnings miss. The market is concerned about the EV industry, with Rivian's Q4 financials expected to show a loss.
Rivian's stock performance is likely impacted by the broader market reaction to Tesla's results, suggesting potential challenges for the company and the EV sector. Upcoming Q4 results could further influence the stock.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80