Why Luminar Technologies Stock Raced Higher on Thursday
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Luminar Technologies' stock surged nearly 9% on Thursday following a deal with Caterpillar to develop lidar solutions for autonomous industrial vehicles. The technology will enhance Caterpillar's remote Cat Command functionalities, initially aiding in quarry operations. Luminar's CEO highlighted the company's successful transition from automotive to adjacent markets. While financial details of the partnership were not disclosed, the collaboration with a leading manufacturer signals potential long-term benefits for both companies.
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