GGPI Stock Forecast: Gores Guggenheim plummets during broader market collapse

NASDAQ:GGPI fell by 10.0% during Thursday’s trading session.
Jefferies has downgraded EV sales figures for the next two years.
Polestar continues to tease its upcoming models online.

Stocks Reporter FXStreet

NASDAQ:GGPI certainly didn’t have a day to remember as the EV maker approaches its merger vote next week. On Thursday, shares of GGPI dumped by 10.0% and closed the trading session at $8.99. GGPI and Polestar are set to hold their merger vote next Wednesday which will determine whether or not Polestar will begin trading on the NASDAQ exchange.

Stay up to speed with hot stocks' news!

Wednesday’s market rally following the 75 basis point rate hike was short-lived. On Thursday, all three major averages tumbled out of the start and saw the selling pressure continue until the closing bell. The Dow Jones dropped by 741 basis points and fell back below 30,000, the S&P 500 sank by 3.25%, and the NASDAQ tumbled lower by 4.08% during the session.

A report from the financial firm Jefferies has EV investors spooked. Analysts at the firm have lowered their sales targets of global EV sales for the rest of 2022 and 2023. Jefferies lowered its target from 9 million to 8.7 million in 2022, and 11.8 million to 11.5 million in 2023. EV makers racked up some huge losses on Thursday, as Tesla (NASDAQ:TSLA) fell by 8.54%, Nio (NYSE:NIO) fell by 4.67%, Lucid (NASDAQ:LCID) by 11.24%, and Rivian (NASDAQ:RIVN) by 9.15%.

GGPI stock price

Polestar continues to tease its new vehicle models ahead of the merger vote. On Thursday, the company posted a new photo of all of its upcoming models including the Polestar 4 SUV Coupe, the flagship Polestar 5 GT, and the Polestar 3 SUV as well. The Swedish EV maker is targeting an October launch date in the US.

Like this article? Help us with some feedback by answering this survey:

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

Stocks Reporter

FXStreet

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.