SQM Cut to Underperform; Lucid Receives Sell Rating Amid Plummeting Production Numbers
SQM cut to Underperform
Sociedad Quimica y Minera de Chile (NYSE:) saw its shares drop nearly 3% in premarket trading on Wednesday after BofA Securities downgraded the company to Underperform from Neutral. The price target was also slashed to $59.00 from $69.00. The upcoming earnings report is expected to show a decrease in earnings per share to $2.41 on a top line of $2.23 billion, compared to $3.30 on $2.7 billion in the previous year. Shares were changing hands at $57.75 in premarket trading.
Lucid cut to Sell on Q3 production and delivery numbers
Lucid Group (NASDAQ:) was downgraded to Sell from Hold by CFRA following the release of its Q3 production and delivery numbers. The company, known for its electric luxury sports cars, reported a nearly 30% drop in production and only a slight increase in deliveries, despite offering discounts. CFRA highlighted the concerning production figure of 1,550 vehicles and deliveries totaling 1,457, compared to 2,173 units produced in Q2 and a marginal increase in deliveries from the previous quarter. The analysts expressed alarm over Lucid’s cash burn rate and the challenging market conditions it faces, leading them to lower their rating. Lucid’s shares slipped more than 5% on Tuesday and were down another 0.8% to $4.96 in premarket trading.
Two more downgrades
Morgan Stanley downgraded Gold Fields (NYSE:) to Underweight from Equalweight, while BofA Securities downgraded ArcelorMittal (NYSE:) to Neutral from Buy. As a result, Gold Fields’ shares fell more than 2% in premarket trading. With the market volatility and several negative headlines, it’s essential to protect your profits. Stay informed with InvestingPro to make the right investment decisions.
