- NYSE:CCIV dipped by 2.52% on Tuesday amidst a choppy day for the broader markets.
- Evercore ISI gives a glowing review of Lucid Motors.
- The competition is getting stiff, as Chinese EV giant Nio gets another analyst upgrade.
NYSE:CCIV has seen its recent choppiness continue as things get volatile ahead of the upcoming shareholder vote for its merger with Lucid Motors. On Tuesday, the stock fell by 2.52% to close the day at $26.32, as the electric vehicle industry took a breather from its recent climb. The good news is that CCIV continues to see bounces off the support level of right around $26.30, which shows that the stock is consolidating nicely towards a breakout in either direction. With the positive catalyst of the Lucid merger, odds are that the breakout will continue on in the bullish uptrend.
Stay up to speed with hot stocks' news!
Renowned investment firm Evercore ISI had a recent walkthrough of the Lucid Motors studio, as well as a test drive in the Lucid Air Grand Touring sedan and the reviews were positive to say the least. Evercore was very impressed with Lucid’s studio, as well as giving glowing endorsements of the Air, stating that the powertrain definitely ‘holds its own against Tesla’. Evercore was also very complimentary about Lucid’s rise in vehicle reservations which now stands at higher than 10,000.
CCIV stock news
In other EV news, Chinese electric vehicle titan Nio (NYSE:NIO) received another generous analyst upgrade on Tuesday, as the stock continues to ride the momentum higher. CitiGroup reiterated its buy rating for Nio and raised the price target from $58.30 to $72.00 per share, which represents a near 45% upside from Tuesday’s closing price. Nio recently reported that it would be doubling its production capacity, as well as adding more battery swap stations throughout the country.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds near 1.0500 ahead of Powell speech
EUR/USD holds steady at around 1.0500 in the American session on Wednesday. The weaker-than-expected ADP Employment Change and the ISM Services PMI data hurt the USD and help the pair keep its footing. Fed Chairman Powell will speak later in the day.
GBP/USD recovers toward 1.2700 after US data
Following a pullback, GBP/USD edges higher toward 1.2700 in the second half of the day on Wednesday as the US Dollar loses strength following the disappointing data releases. Markets eagerly await Fed Chairman Jerome Powell's speech.
Gold advances to $2,650 area as US yields edge lower
Following a consolidation phase near $2,640, Gold gains traction and rises to the $2,650 area. The benchmark 10-year US Treasury bond yield pushes lower after weak macroeconomic data releases from the US, helping XAU/USD stretch higher.
UnitedHealth unit CEO murdered early Wednesday in Manhattan Premium
UnitedHealthcare CEO Brian Thompson was gunned down in Manhattan Wednesday morning. Thompson was shot by a masked gunman as he was in the city for an investor meeting.
Four out of G10
In most cases, the G10 central bank stories for December are starting to converge on a single outcome. Here is the state of play: Fed: My interpretation of Waller’s speech this week is that his prior probability for a December cut was around 75% before the data.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.