After trading as low as around $2.00 earlier this year, AST SpaceMobile (ASTS) is inflicting pain on short-sellers. ASTS stock added 24.4% on Monday and closed at $38.60. Bears bet that the telecom supplier on satellites would issue shares. ASTS said it would do no such thing in 2024.
ASTS’s rise lifted Rocket Lab (RKLB). Bears hold a 10.65% short float against RKLB stock. However, Rocket Lab successfully packed and shipped two spacecraft to Cape Canaveral. These twin spacecraft are bound for Mars.
In the electric vehicle market, the Tesla (TSLA) stock V-shaped bounce from $180 faces steep resistance. The EV flop will lead to Mullen Automotive (MULN), Polestar (PSNY), and Nikola (NKLA) filing for bankruptcy or delisting. This naturally removes weak EV firms, leaving Tesla as the survivor.
Speculators may bet on Rivian (RIVN) but bears hold a 16.43% short float. Markets will reward their bet as Rivian posts higher losses per vehicle produced in the quarters ahead.
In the tech sector, Intel (INTC) stopped falling, attracting buyers at $18.84 - $21.52. To increase its cost savings, Intel will cut its marketing budget by at least 30%.
Luckily for Intel, AMD (AMD) failed to release a 9000 series CPU that is substantially better than previous generation chips. That gives Intel a chance to launch a successful chip refresh in October.
