Why Lucid Group Stock Died Today -- Then Got Better

At first, it seemed Lucid Group (NASDAQ: LCID) investors were in for a very bad day today -- but things are improving.Last night, the luxury electric car company confirmed it will proceed to reverse-split its shares 10 for 1. The split had already been announced a month ago, but management hadn't yet decided to pull the trigger. Once it did, last night, it set the stage for a sell-off of more than 5% in Lucid stock this morning. The good news is that, thanks to Federal Reserve Chairman Jerome Powell and comments he made at the Federal Reserve conference in Wyoming earlier today (to the effect that interest rates might come down in September), the stock market is rallying -- and this rally is pulling up Lucid stock along with it.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool