Why Lucid Stock Bounced Back Today
In most investors' opinion, Lucid Group's (NASDAQ: LCID) decision to sell $1.75 billion worth of senior convertible notes yesterday -- and perhaps more than $2 billion worth -- was unqualifiedly horrible news. That was clearly the reason Lucid stock plunged 18% yesterday when the offering was announced.
But not everyone thinks it's a bad idea for Lucid to raise an extra $2 billion in cash, and this may be the reason the stock is bouncing back today -- up 2.7% as of 11:55 a.m. ET.
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Source Fool.com