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Today is Thursday, October 17, 2024.

The Early Bird Index today is 75.50.

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Lucid Expects Bigger Loss 📉

Lucid Group (Nasdaq: LCID) plunged 12.20% in after-hours trading on Wednesday after disclosing preliminary financial results showing a bigger-than-expected loss.

Financials: The electric vehicle company expects a loss of $765 million to $790 million in the quarter that just ended; analysts originally projected the loss to be about $750 million.

Details: In a cash crunch, Lucid announced a public offering of 262 million new shares on Wednesday. Lucid's majority stockholder and affiliate of the Public Investment Fund, Ayar Third Investment Company, plans to buy 374 million shares.

Stock Price: Lucid is down over 20% this year thanks to lagging EV sales.

Early Bird’s Nest Egg Gains: Lucid’s 2024 challenges include limited production capacity, high-end market saturation, pricing challenges, and the lack of brand recognition.

Final Thoughts: While Lucid has made some progress, challenges remain.

Notables

Notable Earnings Today: Netflix (Nasdaq: NFLX), Travelers Companies (NYSE: TRV), Intuitive Surgical (Nasdaq: ISRG), WD-40 (Nasdaq: WDFC), Elevance Health (NYSE: ELV), Huntington Bancshares (Nasdaq: HBAN), Crown Holdings (NYSE: CCK), Blackstone (NYSE: BX), Western Alliance Bancorp (NYSE: WAL), F.N.B. Corp (NYSE: FNB), Texas Capital (Nasdaq: TCBI), M&T Bank (NYSE: MTB), Insteel Industries (NYSE: IIIN), Commercial Metals (NYSE: CMC), Badger Meter (NYSE: BMI), Bank OZK (Nasdaq: OZK), Infosys (NYSE: INFY), Iridium Communications (Nasdaq: IRDM), KeyCorp (NYSE: KEY), Manpower (NYSE: MAN), Marsh & McLennan Companies (NYSE: MMC), Metropolitan Bank (NYSE: MCB), OceanFirst Financial (Nasdaq: OCFC), Snap-On (NYSE: SNA), Truist Financial (NYSE: TFC), Webster Financial (NYSE: WBS), WNS (NYSE: WNS).

Notable IPOs Today: Oriental Rise Holdings Limited Ordinary Shares (Nasdaq: ORIS), Springview Holdings Ltd Class A Ordinary Shares (Nasdaq: SPHL).

Notable Equity Crowdfunding Campaigns Ending Today: Fisher Wallace Labs (Dealmaker).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Core Retail Sales / Retail Sales (8:30 a.m. ET), Philadelphia Fed Manufacturing Index (8:30 a.m. ET), Philly Fed Employment (8:30 a.m. ET), Industrial Production (9:15 a.m. ET), Business Inventories (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), TIC Net Long-Term Transactions (4:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Uber Wanted to Acquire Expedia

Online travel giant Expedia Group (Nasdaq: EXPE) jumped 7.19% in after-hours trading on Wednesday after a report said it received takeover interest.

Details: The Financial Times reported that Uber Technologies (NYSE: UBER) explored a potential bid to acquire Expedia. Both companies have not commented on the report.

Stock Price: Uber, up 40% this year, declined by 2.69% in after-hours trading.

Final Thoughts: Uber CEO Dara Khosrowshahi was previously the CEO of Expedia, so there’s a strong connection between both companies.

Dogecoin Gets Musk Boost

The price of the cryptocurrency Dogecoin jumped about 7% on Wednesday after Dogecoin cheerleader Elon Musk tweeted about the weird D.O.G.E. (Department of Government Efficiency) idea he has.

Final Thoughts: Dogecoin is up 25% in the last 30 days.

Trends to Watch

Rare Short Tenure at Apple: Apple’s Chief People Officer to Exit After Less Than Two Years (Bloomberg)

Small Reactors, Big Energy: Amazon goes nuclear, to invest more than $500 million to develop small modular reactors (CNBC)

Good in the Hood: Robinhood launches desktop platform, adds futures and index options trading to app (Reuters)

Derailed: CSX stock falls as railroad warns on impact of hurricanes, lower fuel prices (MarketWatch)

Potential Price Crash: Ethereum price crashes often follow ETH open interest peaks — Will history repeat? (Cointelegraph)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}