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Stock market update 11-10

Last updated on Nov 11, 2022

By Andrew Scarpaci, Sports Editor

Lucid Motors(LCID) 

The electric vehicle industry is exploding, and Lucid Motors is no exception. CEO and CTO Peter Rawlinson was previously the VP of engineering at Tesla, and was also the head engineer of the Tesla Model S. After working high up under Elon Musk, Rawlinson moved onto Lucid in 2013, and is now the main man on the business and tech side of one of Tesla’s top potential competitors. Lucid has jumped nearly 100%, almost doubling in one month, and now sits at $44 a share with a market cap of $72 Billion. Lucid is still yet to sell cars on the road, but have been test driving the Lucid Air and Lucid Air Dream, with all of their production models sold out. These units should be given to the public by early next year, as well as 20,000 additional units manufactured, sold, and put on the road.


With the Crypto market cap eclipsing over $3 trillion, the top exchange in the world is seeing the benefits. As Bitcoin and other cryptos eclipse all time highs, more people are looking to get in on the action. After fluctuating back and forth since its IPO on April 14, Coinbase is up over 50% in a little over a month, now listed at $357 a share, with a market cap of $93 Billion. 


On the other hand, Visa has been taking a tumble it’s all-time-high over the summer. However, this does not seem to be something worth stressing over for shareholders, as retail and blue chip stocks have their down quarters every once in a while. We saw quick rebounds for Visa during the pandemic when people got back to work, and continued to use credit as interest rates went down tremendously last fall. Visa is trading at $213 a share, with a market cap of $465 Billion. 


As previously mentioned, the crypto industry is soaring, and the hype around alt-coins(alternatives to Bitcoin) is going up with time and knowledge of the sector. Litecoin is one of the oldest alt-coins with a strong backing and history. Litecoin is up nearly 45% in the past week alone, and is stretching towards its all-time-high of $412. After taking a tumble in May, we have seen slow steady growth up to $266, and a market cap of $19 Billion. The longevity and consistency of Litecoin looks to be good long term. 

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