- NASDAQ:MULN fell by 7.56% during Friday’s trading session.
- EV sector slides as speculative growth stocks remain out of favor.
- FedEx’s warning could have ripple effects through the EV sector as well.
UPDATE: Mullen Automotive stock is beginning the weak on a sour note. Currently, one hour into Monday’s session, MULN shares are down 5% at $0.4772. The session has so far ranged btween $0.4717 and $0.5001. This amounts to an all-time record low price. Mullen Automotive is now only worth about $273 million, a far cry from when it was worth closer to $5 billion last year. There are no bullish signs in sight on the price chart. Until MULN retakes $0.80, this one has a bearish bet from FXStreet.
NASDAQ:MULN dropped lower to close the week and did so at a fresh new 52-week low price as the bottom continued to fall out on the EV startup. On Friday, shares of MULN sank by a further 7.56% and closed the trading session at a price of $0.50. Stocks extended their declines on Friday and closed out the worst week of trading since June, posting the fourth losing week in the last five. Overall, the Dow Jones dropped by a further 139 basis points, the S&P fell by 0.72%, and the NASDAQ slipped lower by 0.90% during the session.
As is the case on most losing days, the EV sector was once again a victim of falling stock prices. The downward selling pressure has hit speculative growth sectors especially hard this year, and weaker companies like Mullen have faced a brunt of the sell off. Tesla (NASDAQ:TSLA) edged lower by 0.13% following another price upgrade from Deutsche Bank from $375 to $400. But other EV makers weren’t so lucky. Stocks like Rivian (NASDAQ:RIVN), Lucid (NASDAQ:LCID), Nio (NYSE:NIO), and General Motors (NYSE:GM) were all trading well below water to close the week.
Mullen stock price
The warning earlier this week from FedEx (NYSE:FDX) was clearly weighing on investor’s minds. The shipping company warned about a dropoff in global shipping demand, particularly out of Asia, which sent the markets into a panic. Could this also affect demand for EV delivery trucks and vans? We could see orders being cut for companies like Rivian (NASDAQ:RIVN) or Mullen if things continue to be as bleak as FedEx made it seem.
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