Lordstown Motors says 2021 production will be half expectations, needs capital yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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Electric vehicle company
Lordstown Motors Corp (NASDAQ: RIDE), which completed a SPAC deal in 2020, reported first-quarter financial results after market close Monday.
What Happened: Lordstown
Motors reported a net loss of $125 million in the quarter. The company had $587 million in cash as of March 31, 2021.
The company is guiding for operating expenses to come in at $115 million for fiscal 2021.
“As a result, we need to raise additional capital to complete our business plans and have begun those discussions,” the company said. Several opportunities to raise capital are being discussed.
What’s Next: The company is targeting late September 2021 for the start of production for the Lordstown Endurance pickup truck.
Wall Street coasts to a comfortable close
The bulk of Monday s gains were achieved at or near the opening bell
4:10pm: Bitcoin shakes off rough weekend
The Dow closed Monday up 186 points, 0.5%, at 34,394. The Nasdaq gained 190 points, 1.4%, to 13,661, and the S&P 500 added 41 points, 1%, to 4,197.
Bitcoin made big gains after dropping down to lower than $32,000 over the weekend. The coin traded at $39,566 at around market close.
12:10pm: Tech stocks lead broadly positive day
The Dow was up 185 points, 0.5%, to 34,393 at midday. The Nasdaq gained 208 points, 1.6%, to 13,679, and the S&P 500 increased 44 points, 1%, to 4,200. Tech stocks have rediscovered some of their momentum today, and with recent positioning data pointing to a notable surge in outflows, it seems that sentiment has been sufficiently reset on the sector to allow a new leg higher to begin, IG Chief Market Analyst Chris Beauchamp wrote.
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