Why Tortoise Acquisition, DiamondPeak Holdings, and Graf Industrial Stocks All Just Jumped

This morning, Tesla (NASDAQ: TSLA) inked a "five-year fixed-price binding agreement" to secure lithium supplies from Australian miner Piedmont Lithium (NYSE: PLL). News of the deal sent Tesla shares 3% higher in morning trading and is spilling over to boost the share prices of a host of other electric vehicle stocks.

In particular, shares of special purpose acquisition company Tortoise Acquisition (NYSE: SHLL), which aims to bring electric-truck drivetrain maker Hyliion public in a reverse merger IPO this week, were up 11% this morning. Similarly, shell company DiamondPeak Holdings (NASDAQ: DPHC), which is helping to IPO electric-pickup maker Lordstown Motors, was driving 5.2% higher.

Meanwhile, Graf Industrial (NYSE: GRAF), which plans to merge with autonomous-car lidar maker Velodyne Lidar, was positively putting the pedal to the metal -- up 16.7%.

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Source Fool.com