Stocks In News: MULN, LCID, NVAX
2:52 pm Friday, June 03rd, 2022
Mullen (NASDAQ:MULN) stock is bucking the trend of other electric vehicle (EV) companies today with its shares rising higher. This comes after chairman and CEO David Michery appeared during an interview on Benzinga’s All Access Series this morning. That interview saw Michery answering several questions about the company’s upcoming products and plans. Included in that interview is a response to the big news from Tesla (NASDAQ:TSLA) today. Founder and CEO Elon Musk revealed plans to cut 10% of the EV company’s workforce. This comes as he warned executives about a bad feelings concerning the economy. That warning sent shares of several other EV stocks lower today.
Lucid Motors (NASDAQ:LCID) stock is slipping on Friday but not due to any news directly from the electric vehicle (EV) company. Instead, it looks like LCID stock is moving in sympathy with Tesla (NASDAQ:TSLA) shares. Tesla founder and CEO Elon Musk warned today that he has a bad feeling about the economy. This has some investors worried that demand for EVs may not be as strong as predicted. Considering that Tesla is a leader in the EV market, it makes sense that this warning would affect others in the space. Adding to those concerns, Musk called to stop all worldwide hiring while also revealing plans to cut TSLA’s workforce by 10%.
Novavax (NASDAQ:NVAX) stock is falling on Friday after the U.S. Food and Drug Administration (FDA) requested a heart inflammation warning for its Covid-19 vaccine. The FDA is currently evaluating the Covid-19 vaccine from Novavax and could approve it on Tuesday. However, it first requested the company to list myocarditis and pericarditis as an “important identified risk.” Novavax hasn’t agreed to do so and argues the cases of heart inflammation during its clinical trials are within expected levels. Of the 30,000 patient in the trial, four reported myocarditis within 20 days of receiving the vaccine.
