We recently published a list of These 10 Stocks Were Sold Down Today, And Here’s Why. In this article, we are going to take a look at where QuantumScape Corporation (NYSE:QS) stands against other stocks that were sold down today.
Ten mid-cap stocks were sold down on Monday, bucking a wider market optimism, amid the lack of catalysts to spark buying appetite, while investors continued to digest the firms’ own developments affecting their businesses.
The Dow Jones rose by only 0.32 percent, while the S&P 500 and the tech-heavy Nasdaq each inched up by 0.09 percent and 0.02 percent, respectively. Meanwhile, the 10 companies booked losses as high as 5 to 16 percent.
In this article, we list the names of the worst-performing stocks and detail the reasons behind their decline.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
A line of electric vehicles parked in front of a research & development building in San Jose, California.
QuantumScape Corporation (NYSE:QS)
QuantumScape Corporation fell by 16.07 percent on Monday to end at $3.97 each as investors sold off positions following reports that giant carmaker General Motors is lobbying against electric vehicle-friendly laws in California.
“We need your help!” GM reportedly sent an email to its employees. “Emissions standards that are not aligned with market realities pose a serious threat to our business by undermining consumer choice and vehicle affordability.”
The report helped dampen the prices of shares in QuantumScape Corporation, a company specializing in the production of solid-state battery technologies.
In recent news, QuantumScape Corporation named Luca Fasoli as its new chief operating officer. Before joining QuantumScape Corporation, he held key leadership positions at Western Digital (NASDAQ: WDC), including Senior Vice President of Memory Productization, where he guided the global transition of 3D NAND Flash technology from development to production across multiple international sites.
He also spent a decade at SanDisk Corporation (NASDAQ: SNDK), serving in pivotal roles such as Vice President of Product Development, Senior Director of the Intelligent Memory System, and Senior Director of Product Development.
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This article is originally published at Insider Monkey.
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