MULN Stock Forecast: Mullen Automotive slips as Tesla/Twitter deal drags down EV stocks

MULN fell by 3.7% during Wednesday’s trading session.
As Elon Musk moves in to acquire Twitter, Tesla stock sells off.
Ford is raising the price of its F-150 Lightning Truck for the second time.

Mullen Automotive (MULN) traded lower on Tuesday as stocks cooled off following a red-hot start to the month of October. Shares of MULN slipped lower by 3.7% and closed the trading session at a price of $0.34. It was a volatile trading day as all three major averages closed the day lower after flipping from red to green during intraday trading. 10-year treasury bond yields rose sharply after retreating for the first two days of the week. Overall, the Dow Jones lost 42 basis points, the S&P 500 dropped by 0.2%, and the Nasdaq closed lower by 0.25%.

Mullen Automotive stock price

Much of the focus in the electric vehicle industry remains on Tesla (TSLA) CEO Elon Musk’s impending acquisition of Twitter (TWTR). Tesla’s stock dropped again on Wednesday as investors began to weigh how much Musk’s involvement with Twitter will take away from his operations at Tesla. Musk has already revealed on Twitter that the acquisition brings him one step closer to being able to launch the X app, which is his vision to take on other super apps like Tencent’s (TCEHY) WeChat. Shares of TSLA and TWTR fell by 3.5% and 1.4%, respectively, during the session.

In other EV news, legacy automaker Ford (F) is raising the price of its much anticipated F-150 Lightning truck by a further $5,000. It is the second such price hike for the truck in two months as Ford continues to battle rising costs and supply chain issues. Shares of Ford were up by 1.2% on Wednesday after Morgan Stanley raised its rating for the stock to Overweight.

MULN stock performance 10/5/22

Share: Feed news

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.