Lucid (NASDAQ: LCID) stock got stuck in reverse Wednesday. The electric vehicle (EV) company's share price ended the daily trading session down 5.6%, according to data from S&P Global Market Intelligence.
While there wasn't any business-specific news pushing Lucid lower today, the company's valuation fell after high-profile earnings reports missed expectations. Yesterday, Alphabet and Tesla became the first two members of the "Magnificent Seven" to report quarterly earnings -- and Wall Street was not happy with the results. Tesla's report in particular may have some bearish implications for Lucid.
It was a volatile day for the stock market. Notably, Alphabet's second-quarter performance actually came in significantly above the market's expectations -- with $84.74 billion in sales and per-share earnings of $1.89. The results beat the average analyst estimate for sales of $84.29 billion and earnings of $1.85 per share, but investors flinched after the company guided for weaker operating income margins in the current quarter. The tech giant's stock ended the day down 5%
Source Fool.com