Why Canoo Stock Dived Today by Almost 12%
The combination of price cuts spreading through its industry and pullback from a hot buyout rumor really put the brakes on Canoo (NASDAQ: GOEV) stock Monday. The electric vehicle (EV) maker's share price fell by nearly 12% on the day, a far steeper decline than the 1.3% slip of the S&P 500 index.
Frequently on the stock market, a company's value soars or swoons on developments outside its control. That was the situation over the past few trading days with Canoo.
The major item making the EV sector as a whole volatile was a hot rumor at the end of last week that the huge Saudi Public Investment Fund (PIF) was eager to buy the remainder of high-end EV car maker Lucid Motors (PIF already holds a more than 65% stake in the company).
Source Fool.com
