Why Rivian, Lucid, and Blink Shares Plunged Today
Markets are heading lower today, and electric-vehicle (EV) names like Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and Blink Charging (NASDAQ: BLNK) are falling far lower.
While the technology-filled Nasdaq Composite index was sharply lower by 3.2% as of 2:45 p.m. ET on Thursday, Rivian, Lucid, and Blink were far outrunning that drop. At that time, Rivian was down 7.7%, reaching its lowest level since going public just over a year ago. Lucid and Blink were also down, by 5.4% and 6.7%, respectively.
In addition to one of the things moving markets lower today, there was another catalyst to explain why these early-stage technology growth stocks are plunging. Market watchers reacted to some comments made earlier this morning by billionaire hedge fund manager David Tepper of Appaloosa Management.
Source Fool.com
