Another Chip Off The Ol’ Block

Last month, we discussed pain in payments landΒ with Dutch payments processor Adyen NV and U.S.-based PayPal treading water. πŸ’³

Today, the focus was on Jack Dorsey’s Block, previously known as Square, after its Square and Cash App services were reportedly down throughout Thursday. Its news sent shares of $SQ lower by about 5% as they continue to trade at a key technical level. πŸ“‰

Technical analysts have highlighted the 50-60 price level as a major area of demand over the last six years, which is why it’s on investors’ and traders’ radars. Either the stock will find some support here and turn itself around. Or it breaks to fresh lows and continues its downtrend. πŸ‘€

Time will tell where it ends up, but the selling pressure on these stocks continues for now.

Lucid Lingers Near Its Lows

Shares of luxury electric vehicle maker Lucid Group continue to linger near all-time lows after disappointing third-quarter productions and delivery data. πŸ“‹

Before the opening bell, it disclosed that it produced 1,550 vehicles during the third quarter, down 28.7% QoQ and 32.1% YoY. It also had more than 700 vehicles in transit for final assembly. As for deliveries, they were up 3.8% QoQ and 4.2% YoY to 1,457 vehicles. 🏭

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Another “Space Race” Failure

Space companies are a big craze among investors. After all, the vast depths of space present vast opportunities for profit…right? Unfortunately for investors, the equation hasn’t been that simple. 😒

First, let’s start with Astra Space, which came public via a special purpose acquisition company (SPAC) in early 2021. At the time, the company raised $500 million in cash at a $4.1 billion valuation, hoping to achieve its goal of cheaply and rapidly producing small rockets. πŸš€

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Siemens Seeks Support

Roughly four months after we last discussed Siemens Energy, the company is back in the news. πŸ“°

Before getting into today’s news, the energy giant made headlines in June after scrapping its profit forecast and warning that major setbacks at its wind turbine subsidiary (Siemens Gamesa) could last years. That sent shares tumbling 37% in about two days, also pressuring Siemens AG, which owns about 35% of the company.

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Several Corporate Shakeups

There were several high-profile management changes announced today. We’ve got you covered with a summary below. πŸ“

First up, the founder and CEO of dating app Bumble, Whitney Wolfe Herd, is planning to step down early next year as she transitions to a new role as executive chair. She’ll be replaced by Lidiane Jones, the current CEO of Salesforce’s cloud-based messaging platform Slack. The announcement came ahead of Bumble’s earnings results, which will be released Tuesday after the bell. Like other pandemic-era companies that came public during the bull market, Bumble’s share price has struggled since day one and is currently sitting at all-time lows. πŸ“‰

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