Consumer stocks: Tesla, Rivian and Lucid are in reverse while investors eye safety plays with Twinkies, soda and tobacco
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Tesla (NASDAQ:TSLA) is 7.49% lower to $867.18 as much of the buzz over the strong earnings report is being overridden as investors peel away from some high PE stocks and focus on the supply chain warning from Elon Musk and gang.
Lucid Group (NASDAQ:LCID) is down 9.20% and traded below $30 earlier in the session. LCID also sunk below a $50B market cap with its downward swing.
Rivian Automotive (NASDAQ:RIVN) is off 7.00% and traded at a new post-IPO low of $54.37. Concerns of a slower production ramp than originally forecast are in the mix.
Other electric vehicle stocks with heavy losses on the day include startups Volcon (VLCN
-13.0%), Sono Group (SEV
-8.3%), Faraday Future Intelligent Electric (FFIE
-9.4%) and Electric Last Mile Solutions (ELMS
-6.8%).
If EV stocks are being sold off, what are the defensive names that investors are taking shelter in? Outsized gains are being seen today for food and beverage stocks like Hostess Brands (TWNK
+7.3%), Conagra Foods (CAG
+2.6%), Campbell Soup (CPB
+2.1%), PepsiCo (PEP
+1.7%), Coca-Cola (KO
+2.1%) and Keurig Dr Pepper (KDP
+2.5%). Retail giants Target (TGT
+2.1%), Procter & Gamble (PG
+1.8%) and Walmart (WMT
+2.3%) are also having a solid day. Altria (MO
+2.6%) and Philip Morris International (PM
+1.3%) are also higher.
See the consumer staples stocks with the highest Seeking Alpha Quant Rating.