Rivian and Ford plans to scrap their EV projects
Ford and Rivian have decided to scrap their EV project. Both were jointly developing an EV. The project gave Ford some uptick in its stocks. They will now focus on their projects.
Alibaba slides after poor performance and a dip in prospects
Alibaba stock was down on Thursday after the Chinese e-commerce giant’s quarterly earnings fell far short of forecasts and the firm lowered its full-year revenue forecast.
This year, the stock has dropped roughly 36% because of Beijing’s wide assault on Chinese technology firms. The Hong Kong-listed shares of Alibaba fell 5.3% on Thursday ahead of earnings.
Read more at: Alibaba Stock Slides Again as Growth Prospects Ebb - WSJ
While Elon sells, Uber’s CEO buys some of Uber’s shares.
Uber Technologies shares are getting a boost Tuesday from the disclosure that CEO Dara Khowsrowshahi bought 200,000 shares of the ride-sharing company on Monday. The Uber chief now holds 1,178,00 shares.
Uber’s ride-sharing business has been recovering from a deep decline during the pandemic, but the stock has lagged the broader market this year. It was down about 15% for the year to date through Monday