Why Upstart Started Out Strong While Lordstown Stalled Thursday
The stock market has been on edge over the past month. Investors are split between optimism about the likely path of the U.S. economy as the COVID-19 pandemic comes closer to being under control and worries that the Federal Reserve and the U.S. government might lose control of the economy and allow it to overheat. Overall, market participants liked what that mix meant for old-economy stocks, helping the Dow Jones Industrial Average (DJINDICES: ^DJI) to hold up relatively well. Other indexes weren't as lucky. As of 9:45 a.m. EDT, the Dow was up 64 points to 33,079. However, the S&P 500 (SNPINDEX: ^GSPC) had fallen 21 points to 3,953, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had dropped 211 points to 13,314.
Individual stocks saw the same variability in their respective moves. Next-generation lending company Upstart Holdings (NASDAQ: UPST) vaulted higher after its latest financial report and news of an acquisition, but Lordstown Motors (NASDAQ: RIDE) drew less favorable scrutiny in the wake of its earnings release.
Image source: Lordstown Motors.
Source Fool.com
