Although the Labor Department released a strong new jobless claims report, the stock market returned losses. — More on that in the “Overall Market” section.
Beyond the overall market, an EV company took advantage of an investment bank report about the electric vehicles industry. Meanwhile, a company witnessed a getaway of investors after announcing an equity offering. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, here is Workhorse’s way to mitigate the USPS contract fail. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended in the red zone on Thursday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price increased back to $38K per coin.
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Times of Uncertainty
The stock market ended in the red zone on Thursday.
Although the Department of Labor released a stronger-than-expected new jobless claims report, it was not enough to push the markets above the flat line. The U.S. economy added more than 978,000. It is more than 300,000 than the expected number. The report also showed weekly unemployment claims filings felt under 400,000 for the first time since March 2020.
So, what happened?
Shares of Fisker (Ticker: FSR) were up by more than 8% on Thursday. The rally came after Mongan Stanley endorsed its bullish feeling for EV stocks. The bank stated the recent increase in the oil price significantly improved the payback math for electric vehicles. Although electric vehicles are still more expensive than gas vehicles, it seems that investors believe in a shift.
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So what happened?
Shares of Express (Ticker: EXPR) were down by more than 20% on Thursday. After releasing its earnings report, Express announced a massive equity offering. Although the fashion retailer’s revenue jumped 64% in 2020, investors sold off the stock as the company released its next step. Along with the announcement, investors did not receive the news well that Express has higher operational losses.
So what happened?
Although losing the USPS contract last year, Workhorse (Ticker: WKHS) has a plan to work it around.
Away from public perception, Workhorse entered partnerships with UPS (Ticker: UPS) to supply delivery drones for the parcel company. Also, the electric vehicle maker closed two important deals recently. The first one includes a purchase order for more than 6,320 units of Workhorse’s C-Series vehicles. The deal would generate more than $300 million for the company until 2026. The second deal includes another 500 units of its C-1000 model. Although the USPS contract denial was a major issue for the company, Workhorse built a strong backlog to survive.
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