Lucid could reach all-time lows in next year, Morgan Stanley warns
Lucid‘s recent pop will likely be short-lived, Morgan Stanley said.
The electric vehicle maker rallied 43% Friday on the back of reports indicating Saudi Arabia’s Public Investment Fund was considering buying the more than 30% of shares it does not already own.
But analyst Adam Jonas expects the stock to hit $5 in the next 12 months — meaning it would fall 57.4% from where it closed Monday and reach a new all-time low — due to what he sees as a tough road ahead. The stock previously reached an all-time intraday low of $6.09 and closing low of $6.17 earlier this month.
“We believe the fundamental outlook facing Lucid is more likely deteriorating than improving,” Jonas said in a note to clients Tuesday.
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Nearly all sectors in the S&P 500 trading in positive territory
The S&P 500 was up 0.6% during Tuesday morning trading, with nearly all sectors trading in positive territory.
Ten out of 11 sectors were higher on the day. Consumer discretionary, materials and real estate led the gains, up about 1.5%, 1.1% and 1%, respectively.
— Sarah Min
Consumer discretionary is the leading sector in the S&P 500, boosted by General Motors
Consumer discretionary stocks led gains in the S&P 500 on Tuesday, with the sector up about 1% during morning trading.
General Motors was the biggest advancer in the sector. The stock jumped more than 8% after the automaker reported strong earnings.
Meanwhile, utilities underperformed the broader market index, down nearly 0.9%.
— Sarah Min
Copper and aluminum extended base metal rally in January
March copper contracts fell as low as $4.1185 per pound Tuesday, but still left Dr. Copper up about 8.7% in January and on pace for a third straight monthly gain. January is poised to become the best start to the year for the metal since 2017.
Meanwhile, London Metal Exchange aluminum on Tuesday matched Monday’s low of $2,555, still leaving aluminum higher by 8.5% in January and on course for its third gain in four months and the best start to a year since 2012.
Metals traders are awaiting this week’s central bank rate decisions from the Federal Reserve, European Central Bank and Bank of England, while Reuters reported that copper demand in China remains stagnant.
— Scott Schnipper, Gina Francolla
Atlantic Equities downgrades Bank of America as net interest margins struggle
Atlantic Equities moved to the sidelines on Bank of America<span class="…….
