Why Lucid Group Stock Died Today -- Then Got Better
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Lucid Group's stock initially fell over 5% after announcing a 10-for-1 reverse stock split, aimed at raising its price from around $2 to closer to $20 to avoid Nasdaq delisting. However, comments from Federal Reserve Chairman Jerome Powell about potential interest rate cuts helped the stock recover, with a decrease of only 0.7% by 1:30 p.m. ET. Despite the split, Lucid continues to face significant financial challenges, including a $2.3 billion annual loss and a cash burn rate that could deplete its funds within a year.
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