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Why Romeo Power Stock Is Down Today

TheMotleyFool

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Shares of electric-truck battery-pack maker Romeo Power (NYSE: RMO) were tradings sharply lower on Wednesday, a day after the stock soared following news of a deal with truck giant PACCAR (NASDAQ: PCAR).

As of 2:45 p.m. EDT, Romeo Power's shares were down about 18.1% from Tuesday's closing price.

Romeo Power's shares soared on Tuesday, closing up nearly 60% after the company announced a significant expansion of its relationship with PACCAR. The truck maker, which owns the Peterbilt, Kenworth, and DAF truck brands, agreed to buy battery packs from Romeo Power for two upcoming all-electric Peterbilts -- a semi and a garbage truck. PACCAR also took a stake in Romeo Power as part of the deal.

Source Fool.com

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