U.S. Stocks Open Lower On Thursday; Mullen Automotive Soars 67%

Tiger Newspress2023-07-06

Stocks fell Thursday after better-than-expected jobs data increased investors’ anxiety around the state of the economy and path of interest rates.

Private sector jobs increased by 497,000 in June, according to data from payroll processing firm ADP, in the biggest monthly gain since July 2022. June's increase was more than double the Dow Jones consensus estimate of 220,000 gained and far better than the downwardly revised 267,000-job addition seen in May.

Mullen Automotive Inc.’s stock rallied 67% in morning trading Thursday, a day after it rose 58%, after the company announced a plan to buy back $25 million of its own stock. The Brea, Calif.-based EV maker and meme stock said it believes its stock is “significantly” undervalued and trading at a big discount to its current cash position of about $235 million.

On Wednesday, trading volume exploded to a record 1.07 billion shares to more than double the previous one-day record, after the company said it’s hired a law firm to help it combat illegal “naked short selling” of its shares.

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KannuAshima
2023-07-06
KannuAshima
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