Canoo, Lucid, Pine Island, Progenity – 24/7 Wall St.
The three major US stock indexes were up at least 0.5% Tuesday at noon. Dow Jones Industrials got off to a good start, following earnings reports from Home Depot and Walmart. Initial enthusiasm cooled but picked up again as investors boosted the tech (up 0.9%) and consumer discretionary (which includes automakers) (up) sectors (up 1.4%). Crude oil remained roughly where it was earlier today, at around $ 82.25 a barrel. Bitcoin traded at just over $ 60,000, roughly stable from its previous level. Yields on 10-year Treasuries rose one basis point to around 1.63%.
Looking at memes stocks on our watch list, the advances and the dips are spread about evenly, but the advances were showing larger gains than the dips were showing dips. Of the two double-digit winners so far on Tuesday, Lucid Group Inc. (NASDAQ: LCID) was more up. When the electric vehicle maker released its results Monday night, it said it now has 17,000 reservations for new vehicles and plans to manufacture 20,000 vehicles next year. The company has added 3,000 bookings since late October, so it looks like production slated for 2022 is close to being fully subscribed.
Canoo Inc. (NASDAQ: GOEV) was also up double-digit Tuesday at noon. The company announced that it has chosen to expand its R&D and software center in Tulsa, Oklahoma, about 15 miles southwest of the assembly plant that the company had previously announced it would build in Pryor, Oklahoma. WallStreetBets investors liked the result, but some seem a little surprised.
Progenity Inc. (NASDAQ: PROG) has been the winner so far on Tuesday, and it’s almost certainly the result of a short squeeze. The company had no news that would generate this massive gain.
While Pine Island Acquisition Corp. (NYSE: PIPP) is hardly a household name, even among even stock traders it got a good boost in mentions Tuesday on no specific news. SPAC which began trading in January, Pine Island is often referred to as “Biden SPAC”. Secretary of State Anthony Blinken and Secretary of Defense Lloyd Austin were both members of the company’s team prior to their appointment to the administration.
Pine Island’s investment target is a company in the defense, government services or aerospace industry.
Canoo shares traded up more than 14% at the end of noon on Tuesday, to $ 9.65 on a 52-week range of $ 5.75 to $ 24.90. The average daily trading volume is around 3.5 million shares, and around 11.5 million had already been traded on that day.
Lucid stock traded up more than 20% to $ 54.04, in a 52-week range of $ 9.67 to $ 64.86. The average daily trading volume is around 49.5 million shares, and nearly 134 million have been traded so far.
Progenity shares traded over 29% at $ 4.48, in a 52-week range of $ 0.66 to $ 7.86. The average daily trading volume is around 64 million shares, and nearly 224 million have changed hands.
Pine Island traded up about 3.5%, to $ 10.25 in a 52-week range of $ 9.68 to $ 14.94. Average daily volume is less than one million shares, but more than 3 million have been traded so far on Tuesday.