Why Canoo Stock Tapped the Brakes Today
Shares of electric automaker Canoo (NASDAQ: GOEV) were sliding today, likely on several pieces of news. First, an analyst cut the company's price target yesterday. Additionally, investors may be getting nervous about the state of the auto industry, as GM announced today that 5,000 of its salaried workers accepted buyouts.
That news comes just a day after some investors worried that Tesla will need to continue to cut its car prices to keep its EV sales strong.
As a result, Canoo's shares tumbled 4.2% as of 11:01 a.m. ET.
Source Fool.com
