NKLA - Why Workhorse Group Nikola and Churchill Capital IV Stocks Dropped Friday
The market is in the midst of a rotation out of high-flying technology stocks. Electric vehicle (EV) names are no exception. Shares of Workhorse Group (NASDAQ: WKHS) , Nikola (NASDAQ: NKLA) , and Churchill Capital IV (NYSE: CCIV) are all down as well today, though each has its own story.
As of 1:45 p.m. EST today, Workhorse Group shares were down 6%, while Nikola was down 5.6%. Churchill Capital IV, which plans to bring Lucid Motors public through a merger, was down 2%.
Shares of Workhorse Group continue to suffer after the company lost its bid for a $6 billion U.S. Postal Service (USPS) contract to upgrade the postal truck fleet to next-generation delivery vehicles (NGDVs). The company met with the postal service yesterday, but isn't able to provide details yet. Nikola received an analyst downgrade today, and Churchill Capital IV investors continue to bail after disliking the terms of its deal with Lucid Motors.
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Why Workhorse Group, Nikola, and Churchill Capital IV Stocks Dropped Friday