Workhorse surges 16% after President Trump views Lordstown’s EV pickup Endurance at the White House

Endurance electric pickup truck by Lordstown Motors
The Endurance.
  • Workhorse surged 16% on Monday after it was reported that President Trump viewed the Lordstown Motors 2021 Endurance pick-up truck on the South Lawn at the White House.
  • Workhorse owns a 10% equity stake in Lordstown Motors, which is targeting a 2021 launch of its electric pick-up truck.
  • DiamondPeak Holdings also jumped 12% on the news, as the SPAC has previously announced that it will merge with Lordstown Motors, bringing the company public once again after Workhorse spun it off in 2019.
  • Visit Business Insider’s homepage for more stories.

President Donald Trump’s viewing of the 2021 Endurance electric pick-up truck produced by Lordstown Motors spurred a 16% jump in shares of Workhorse.

Workhorse owns a 10% equity stake in Lordstown, which was spun off as its own independent company from Workhorse in 2019.

Eamon Javers of CNBC tweeted on Monday, “Now pool reporters have been brought out to the South Lawn, where they send this report: ‘The president was already on the South Lawn when we arrived. He is looking at a Lordstown Motors 2021 endurance truck.” The White House subsequently published remarks and video of the company’s visit. 

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Lordstown is targeting a 2021 launch of the Endurance pick-up truck, and is planning to go public with a SPAC later this year. 

Shares of DiamondPeak Holdings also jumped on the news, by as much as 15% in Monday trading. The company said it would acquire Ohio-based Lordstown in August.

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Mortgage demand surges by 40 percent from a year ago amid house-buying spree, low rates

The end of August usually marks the beginning of the slow season for housing, but as with everything else, this year’s trends are like no other.

Mortgage applications to purchase a home rose 3 percent last week from the previous week and were a stunning 40 percent higher from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

The year-on-year comparison is usually in single digits.

While the figure may have been skewed slightly by the Labor Day holiday, which fell earlier last year, purchase demand is still running significantly higher than a year ago.

Buyers are still getting significant incentive from low mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances up to $510,400 fell to 3.07 percent for loans with a 20 percent down payment.

For the 15-year fixed rate mortgage, the rate declined to a record low of 2.62 percent on conventional loans.

“There continues to be resiliency in the purchase market,” said Joel Kan, an MBA economist. “The average loan size continued to increase, hitting a survey high at $368,600. Highlighting the strong overall demand for buying a home, conventional, VA and FHA purchase applications all increased last week.”

Applications to refinance a home loan rose 3 percent for the week and were 60 percent higher than a year ago. Refinance volume has been extremely high since rates plummeted last March, but the pool of borrowers who haven’t already taken advantage of these low rates is shrinking.

The refinance share of mortgage activity increased to 63.1% of total applications from 62.5% the previous week. The adjustable-rate mortgage share of activity decreased to 2.2% of total applications.

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