EV Maker Gets Premarket Supercharge

Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were mixed on Thursday. Resilient earnings reports are giving investors some optimism. However, there’s some volatility potential in the UK as Prime Minister Liz Truss is struggling to maintain her premiership.

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Here’s a look at the top-moving stocks this morning.

Mullen Automotive (Nasdaq: MULN)

Mullen Automotive is up 19.94% premarket after the electric vehicle company announced it’s buying a manufacturing plant in Mishawaka, Ind. Mullen is also buying other assets from the now-defunct Electric Last Mile Solutions Inc. for a total of $92 million. The purchase will enable EV production for retail and commercial vehicle lines.

There have been several top-moving stocks in the EV space this year. The sector is expected to bring in $7 trillion in the near future, and that’s why our friend Andy Snyder is pounding the table on this one EV stock. Andy believes they electric vehicle company could overtake Tesla one day.

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The Allstate Corporation (NYSE: ALL)

The Allstate Corporation is down 10.47% premarket after the company projected it would post a loss in the third quarter. The company said it expects a loss of $675 million to $725 million in Q3, compared with last year’s net income of $538 million. For September, $440 million in losses is expected, with 80% related to Hurricane Ian.

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Alcoa Corporation (NYSE: AA)

Alcoa Corporation is down 10.37% premarket after higher aluminum prices and energy costs resulted in lower income for the third quarter. The manufacturing company reported a net loss of $746 million. Revenue for the quarter was $2.85 billion, a $793 million decline over Q2.

Vertiv Holdings (NYSE: VRT)

Vertiv Holdings is up 8.16% premarket after solid volume and more shares changing than usual. This is reflecting positive sentiments from investors that the stock will perform well in the upcoming third-quarter 2022. The company’s new thermal facility in Monterrey, Mexico is expected to help minimize effects of supply chain constraints and meet demand for products.

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