Lucid Group Inc
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Consumer Discretionary : Automobiles |
Company profile

Lucid Group Inc, formerly Churchill Capital IV Corp, is engaged in manufacturing electric vehicles (EV). The Company’s car, Lucid Air, is a sedan. It features interior space in a mid-size exterior footprint. It uses electric vehicle technology for each type of car it builds. Its EV cars have a horsepower of approximately 1,080 and a range of approximately 500 miles per charge. The Company’s Lucid application provides an in-car experience. It offers Air Dream Edition, Air Grand Touring, Air Touring and Air Pure. The Company’s studios and service centers are located across California, Florida, Michigan, Illinois, New York City, Massachusetts, Washington, Arizona, Canada, Virginia, Texas and Colorado.

Premarket

Last Trade
Delayed
$28.22
-0.48 (-1.67%)
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Market Hours

Closing Price
$28.70
Day's Change
0.00 (0.00%)
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Volume
(Light)
Volume:
516,345

10-day average volume:
41,187,789
516,345

S&P 500, Nasdaq close at records and Dow retakes 35,000 as value, tech stocks rally in tandem

4:52 pm ET August 5, 2021 (MarketWatch)
Print

By William Watts and Steve Goldstein

Goldman Sachs raises S&P 500 target

The S&P 500 index and the Nasdaq Composite ended at records Thursday as shares sensitive to economic recovery and technology stocks both rose while investors positioned for the monthly jobs report on Friday that will help shape views on how long the Federal Reserve's bond-buying program will continue.

What's happened

What's drove the market?

Stocks maintained a positive tone Thursday after data showed first-time claims for unemployment benefits last week fell (https://www.marketwatch.com/story/u-s-jobless-claims-fall-again-to-385-000-as-unemployment-shrinks-despite-rise-of-delta-11628167412?mod=mw_latestnews) to 385,000, down 14,000 from the previous week and in line with forecasts, while continuing claims fell below 3 million for the first time since March 2020. Separately, the June U.S. international trade deficit rose to a record (https://www.marketwatch.com/story/u-s-trade-deficit-jumps-6-7-to-record-high-as-imports-surge-11628167978), fueled by a surge in imports.

Investors began positioning ahead of the nonfarm payrolls report for July due Friday. Economists polled by The Wall Street Journal expect 845,000 nonfarm jobs were created in July.

Steve Englander, head of global G-10 currency research and North America macro strategy at Standard Chartered, said a Friday payrolls report close to the current consensus could generate a market reaction even without a surprise, as it could firm up interest-rate expectations.

Positive assumptions -- including 2021 gross domestic product growth of better than 6%, followed by a 4.5%-plus GDP gain in 2022, along with recent all-time highs for the major equity benchmarks, driven by increasing second-quarter earnings growth and upward revisions to third-quarter and fourth-quarter forecasts, plus a drop in the 10-year yield recently that has reignited interest in growth stocks and reacquainted income-oriented investors with higher-yielding sectors -- all continue to outweigh negative assumptions, said Sam Stovall, chief investment strategist at CFRA, in a note.

Negative assumptions include the possible year-end or later start to the tapering of the Fed's bond-buying program and a late-2022 or early-2023 liftoff on official interest rates, a surge in COVID-19 delta variant cases, waning market breadth and uncertainty over an infrastructure package.

"Though a pullback or correction appears increasingly likely, we think investors should look upon possible price weakness as an opportunity to buy, rather than a reason to bail," Stovall wrote.

Analysts at Goldman Sachs boosted their year-end S&P 500 price target (https://www.marketwatch.com/story/goldman-sachs-boosts-s-p-500-price-target-11628154457) to 4,700 from 4,300. "Relative to consensus, we expect stronger revenue growth and more pretax profit margin expansion as firms successfully manage costs and as high-margin tech companies become a larger share of the index," they said.

Meanwhile, the rise in the international trade deficit was viewed as a positive, with imports underlining the strength of the U.S. economy in June.

"Looking ahead, we expect the deficit will start to narrow as trade flows rotate away from imports and towards exports as domestic consumption slows and growth abroad accelerates," wrote economists at Oxford Economics, in a note. "However, deteriorating health conditions could distort trade further if virus restrictions are reimposed and recoveries stall."

The Biden administration won a voluntary commitment from the auto industry that electric vehicles would comprise up to half of U.S. sales (https://www.marketwatch.com/story/biden-administration-proposes-new-mileage-standard-as-automakers-agree-ev-goal-01628155223) by the end of the decade.

"All the major automakers rallied but if the new guidelines aimed at 2026 are too aggressive that may weigh on some manufacturers" wrote OANDA senior market analyst Edward Moya. "Electric vehicles for the masses should excite Tesla (TSLA), NIO (NIO), XPeng (XPEV), and Lucid Motor (LCID) shareholders.

-William Watts

Which companies were in focus?

What did other markets doing?

	

(END) Dow Jones Newswires

August 05, 2021 16:52 ET (20:52 GMT)

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