XL Stock Soars 86%; Elon Musk Holding Company?
Shares rose on Wednesday, the last full day of trading before Wall Street called early Thursday on Christmas Eve. The exchanges closed at 1 p.m.
Wednesday's economic data showed consumer spending declined 0.4% in November, its first decline in seven months and a somewhat unexpected slump. On the flip side, unemployment claims were lower than economists expected, at 803,000 versus the consensus of 860,000.
The shares sold late afternoon following President Donald Trump's veto of a defense spending bill and the president's criticism of the bipartisan pandemic relief package passed by Congress.
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The Dow Jones Industrial Average ended the day up 114 points, or 0.4%, to end at 30,129.
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The XL fleet increases if the SPACs stay hot. The XL Fleet Corp. (Ticker: XL), which just went public through a reverse merger through a special purpose vehicle (SPAC), rose 86% on Wednesday. The company provides fleet electrification services for vehicle fleets and proposes accelerating the transition from fossil fuel to electric automobiles.
Buy all of Musk's ideas in one stock? Maybe one day. A Twitter exchange (TWTR) on Wednesday between Elon Musk, CEO of Tesla (TSLA), and Dave Lee, investor in Tesla, sparked an intrigue over one of the most interesting companies of the early 21st century.
"Good idea," tweeted Musk in response to Lee's suggestion that all of Musk's companies - Tesla, SpaceX, Neuralink, and The Boring Company - be brought together under one large umbrella group. It's certainly fascinating, and investors should never rule out something with Musk at the helm.
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