Why Rivian Stock Dropped Early Today
Rivian Automotive (NASDAQ: RIVN) stock is getting caught up in fallout from another company's electric vehicle (EV) announcement yesterday. Rivian shares sank more than 5% in early trading Wednesday.
That's because tech titan said it was ending a decade-long project to develop its own electric car. Some investors saw that as one more sign that EV demand is never going to be as strong as some initially thought. But Rivian shares recovered from today's early drop, and there's a good reason for that, too. As of 10:30 a.m. ET, Rivian shares had turned slightly positive by 0.2%.
That recovery may be tied to what widely followed tech analyst Gene Munster said in a CNBC interview late yesterday. Munster, managing partner at Deepwater Asset Management, said he was shocked that Apple dropped its EV project. In discussing the move, Munster said that Apple still needs to do something big, and "potentially Rivian would be just the answer to that."
Source Fool.com
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