Lordstown forecast sparks rout in shares and Foxconn tie up
Lordstown Motors warned it may produce only 3,000 Endurance trucks in 2023 and must raise 200 to 250 million while pursuing a partnership with Foxconn. Shares tumbled about 20 percent to 2.53 as investors weighed the bleak forecast and looming capital needs alongside rival EV makers.
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Markets swing amid Ukraine war sanctions and oil fear
New York markets fluctuated with mixed indexes as oil prices rose and sanctions on Russia deepened. Bond demand boosted, yields fell, while the ruble hit record lows. The S&P 500 ended slightly lower, Dow fell, Nasdaq rose, energy and defense shares climbed. Powell testimony ahead and Friday jobs data loom over Fed path.
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