Why Blink, ChargePoint, and Faraday Stocks Are Falling
Shares of companies tied to the electric car industry, from start-up EV manufacturer Faraday Future Intelligent Electric (NASDAQ: FFIE) to Blink Charging (NASDAQ: BLNK) and ChargePoint (NYSE: CHPT) -- which, as their names suggest, both operate networks of chargers for electric cars -- tumbled in early trading Monday. As of 10:45 a.m. ET, Faraday shares are down a disheartening 11.7%, while Blink is losing 6% and ChargePoint has been drained by 8.5%.
Given that there's no obviously negative news on the wires about any of these companies today, however, there seems only one logical explanation for the selling: tax loss harvesting.
With barely a dozen days left in the year, and even fewer trading days for the stock market, 'tis the season to sell your losers, it seems.
Source Fool.com
