Lordstown Motors (RIDE.US) shares plunged more than 10.0% during today’s session after Morgan Stanley (MS.US) downgraded its investment stance to ‘underweight’ from ‘equal weight’ and reduced its price target to just $2 from $8. The bank noted that the recently announced sale of Lordstown’s Ohio plant to Foxconn values the plant at less than a fifth of prior estimates.
Lordstown Motors (RIDE.US) stock fell from local high at $8.90 on Friday and the downward move has been extended this week. Stock launched today’s session with a bearish price gap, below major support at $5.80 which now acts as resistance. Should current sentiment prevail, then downward move may accelerate towards all-time low at $4.80. Source: xStation5
Daily Summary: A sell-off with a spin-off
US OPEN: The market extends losses as investor concerns grow
Market Wrap: European indices decline amid US - Iran tensions📉 Semiconductors under pressure
Netflix disappoints Wall Street 🚩 Stock drops 9% after disappointing outlook