DJ | These Stocks Are Dropping Because of Tesla's Investor Day. Here's Why. -- Barrons.com Mar 3, 202307:26 GMT+10 Tesla had bad news for producers of EV raw materials as it offered investors a look at its plans in a widely anticipated three-and-a-half hour presentation on Wednesday evening.
Shares of the rare-earth producer MP Materials (ticker: MP) closed down 11% Thursday, while stocks of companies that make semiconductors using silicon carbide took a hit, too. The S&P 500 rose 0.8%, while the Dow Jones Industrial Average gained 1.1%.
The problem for MP Materials is that (TSLA) said its next-generation permanent magnet electric motor doesn't need any rare-earth metals. Most rare-earth materials, which are used in products including electronics, lights, as well as in magnets for electric motors in EVs, are produced in China. https://www.tradingview.com/news/DJN_DN20230302011882:0/
LYC Price at posting:
$7.45 Sentiment: None Disclosure: Not Held
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