Jan 18th, 2024 – Tech companies powered the market Thursday and pulled the major averages into positive territory. The Dow Jones grew 0,54% closing at 37,468.41, also the tech-heavy NASDAQ jumped by 1,35% to close at 15,055.65. The S&P 500 climbed 0.88% ending at 4,780.94.
Lucid (LCID) stock started the day losing again ground with the share price being down 7.2% at 2:30 p.m. ET. This happened after yesterday news hit that Tesla cut again the price of their Model Y in Germany and other european countries, this move was seen as a negative sign for the overall demand of EV in the market. Lucid stock followed the pullback that is affecting multiple companies in the industry. The company focuses on the high end portion of EV, priced higher than most other EV offerings, but with this pullback they might need to cut prices on its vehicles or accept lower volume sales. The day ended with the stock closing with a decrease of 4,68%.(K.Noonan)
Novocure Ltd (NVCR) announced that its Pre-market Approval (PMA) application seeking approval for the use of Tumor Treating Fields (TTFields) therapy, has been accepted for filing by the FDA.The PMA application for LUNAR was submitted with a filing date of December 15, 2023 and is now under substantive review by the FDA, with the company expecting to receive a regulatory decision in the second half of 2024.The result was an increase of 16,75% of the price. (V.Singh)
Spirit Airlines (SAVE) is reportedly scrambling for ways to deal with its debt, the latest indication of the troubles the company faces if it is unable to merge with JetBlue Airways and as a result investors are rapidly exiting with shares reaching -28% as of 1:30 p.m. ET. Earlier this week a federal judge sided with antitrust in order to block the merger as a threat to competition, with the airline now having to survive a $1.1 billion debt due in 2025 on its own, making investors doubt.At the end of the day the stock was 7,17% down. (L.Whiteman)
Author: Luca Sesena