Stock Market Today, July 14: Lucid Group Plunges but Denies Reports About Bankruptcy Filing
Yahoo Finance ·
Lucid Group ( LCID 16.15% ) , a premium electric vehicle (EV) and EV technology provider, closed at $4.62, down 16.15%. Shares plunged after Bloomberg reiterated a report that the company was weighing bankruptcy or a going-private deal. Investors will now be closely watching the Aug. 4 earnings call and liquidity disclosures. Trading volume reached 152.3 million shares, spiking about 665% above its three-month average of 19.9 million shares. Lucid Group IPO'd in 2020 and has fallen 95% since going public. The S&P 500 ( ^GSPC +0.38% ) rose 0.39% to 7,544, and the Nasdaq Composite ( ^IXIC +0.90% ) gained 0.90% to 26,107. Among electric vehicle manufacturing and EV technology rivals, Rivian Automotive ( RIVN +1.10% ) closed at $17.50, up 1.10%, while Tesla ( TSLA +0.39% ) finished at $396.18, up 0.36%. Lucid stock plunged over 50% after a report that the company was working with consulting firm AlixPartners and was advised on a potential bankruptcy filing or a going-private deal. The stock was subsequently halted several times for volatility. Lucid’s new CEO, Silvio Napoli, took over on June 1, and the company withdrew prior production and delivery guidance as Napoli announced restructuring and a strategy shift to narrow the company’s focus and improve execution. Lucid denied the reports of a potential filing for Chapter 11 bankruptcy protection, stating that “the rumors are completely false.” Lucid’s stock recovered much of the initial loss after that denial. Investors will hear more when the company reports Q2 results on Aug. 4. While bankruptcy may not be on the table today, investors will want to hear more about monetizing its autonomous technology and demand for its new Gravity SUV. *Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
DYAX Investor Sentiment
Bullish (Long) 58% · Bearish (Short) 42%
486 participants
Related News
- Piper Sandler and PJT Shares Skyrocket, What You Need To Know
- Moelis and Lazard Shares Skyrocket, What You Need To Know
- New York Just Banned New AI Data Centers. Here's What It Means for Microsoft, Amazon, and Google.
- Kestra expects $137M FY2027 revenue while targeting 70%+ gross margins in the next few years
- Senate Democrats block defense bill over escalating Iran conflict
- Citi signals $30B buyback plan and 12% dividend increase while targeting 10%-11% 2026 RoTCE