Stock Market Today, July 15: Lucid Spikes 29% After Dismissing Bankruptcy and Take-Private Rumors

Written by Josh Kohn-Lindquist for The Motley Fool->

Lucid Group (NASDAQ:LCID), a luxury electric vehicle design and manufacturing company, closed at $5.95, up 28.79%. The stock moved after Lucid rejected bankruptcy and take-private rumors. Investors will be watching the company’s liquidity closely over the coming quarters. Trading volume reached 55.6M shares, coming in about 169% above its three-month average of 20.7M shares. Lucid Group IPO'd in 2020 and has fallen 94% since going public.

The S&P 500 (SNPINDEX:^GSPC) rose 0.36% to 7,571, and the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.62% to 26,269. In luxury electric vehicle design, manufacturing, and technology, Tesla (NASDAQ:TSLA) closed at $394.46, down 0.43%, while Rivian Automotive (NASDAQ:RIVN) finished at $17.80, up 1.71%, offering a mixed read on EV sentiment.

One day after EV maker Lucid saw its shares briefly cut in half amid bankruptcy and take-private rumors, the company’s shares rallied 28% to finish higher than they were just two days ago. Lucid’s CEO Silvio Napolia responded to yesterday’s rumors, stating:

While the abrupt turnaround in the stock’s price might seem like the market agrees, it could also be a classic case of a “dead cat bounce,” where short-sellers covered their positions following yesterday’s dramatic decline.

Regardless of which narrative is right, Lucid still has plenty of work ahead to rein in its cash burn and avoid potential debt problems down the road.

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Josh Kohn-Lindquist has positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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