QuantumScape (NYSE: QS) reported its third-quarter update last night, and the stock spiked early today. That 2.5% jump didn't hold, though, and the stock dropped as much as 6% during the day. As of 3:10 p.m. ET on Thursday, shares of the solid-state electric vehicle (EV) battery maker were still down 5.2%. 

There was no major advancement announced by the company this quarter. It continues to work on setting processes and parameters to be able to run what it calls a "sample campaign" for its 24-layer battery cell. That campaign is intended to validate all the parameters needed to produce a commercial version of the product that can begin to be shipped to automotive customers. 

The initial jump in the stock might have come when investors saw that the company now plans to end the year with lower capital expenditures than originally expected. That will result in liquidity of more than $1 billion, compared to the prior projection of $950 million. 

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Source Fool.com