CCIV - Why NIO and Nikola Stocks Rose Today but Churchill Capital IV Dipped
With the market favoring higher-growth -- and riskier -- electric vehicle (EV) names Wednesday, two high-profile stocks gained ground. Shares of Chinese EV maker NIO (NYSE: NIO) and aspiring electric semi-truck maker Nikola (NASDAQ: NKLA) closed the session up 6% and 3.9%, respectively. But on the day before its merger with Lucid Motors is expected to close, shares of Churchill Capital IV (NYSE: CCIV) slid by 3.5%.
There was no company-specific news out from either NIO or Nikola Wednesday, but both have been making progress on plans to grow their respective businesses. And in what might be a case of "sell the news," Churchill Capital's decline came after the stock soared by almost 190% in the first half of 2021. A special meeting of shareholders will be held Thursday at which it is expected that they will approve the highly anticipated merger with EV maker Lucid Motors.
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Why NIO and Nikola Stocks Rose Today, but Churchill Capital IV Dipped