Nikola Founder Quits
MarketFoolery
The Motley Fool
4.7 • 1.7K Ratings
🗓️ 21 September 2020
⏱️ 25 minutes
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Summary
Nikola’s founder quits effective immediately and shares of the electric truck maker fall 20%. Deutsche Bank and HSBC hit all-time lows in the wake of financial scandals. Brookfield Asset Management shares are down for the year, prompting questions of a potential buying opportunity for the stock. Bill Barker analyzes those stories and discusses the latest medical research on the health benefits of coffee.
Transcript
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| 0:00.0 | It's Monday, September 21st. |
| 0:04.0 | Welcome to Market Fullry. |
| 0:05.0 | I'm Chris Hill with me today. |
| 0:07.0 | Mr. Bill Barker. |
| 0:08.0 | Good to see you, my friend. |
| 0:10.0 | Good to be here. |
| 0:12.0 | We are going to talk asset management. We're going to talk |
| 0:14.7 | global banking. We have a groundbreaking medical study. We're going to start with |
| 0:20.1 | the stock of the day. Shares of Nicola started the day falling nearly 30%. It is |
| 0:25.7 | bounced back up from that. Last I check it was only down around 15-16%. And this is |
| 0:31.8 | because Trevor Milton, the founder of the electric truckmaker, is stepping |
| 0:36.7 | down as chairman of the board. |
| 0:39.2 | This is effective immediately, and it comes in the wake of investigations started by both the SEC and the |
| 0:46.2 | Justice Department on the potential that Nicola has misled investors. |
| 0:53.0 | For those, you know, was it Hindenburg research? |
| 1:00.0 | Is that the outfit that came out with the short report about 10 days ago. I'm certain that they believe |
| 1:08.0 | that this is a where there's smoke there's fire situation, but I don't know this this seems like one of those sudden |
| 1:19.0 | effective immediately departures that doesn't happen if everything is going great at the company. |
| 1:26.0 | Yeah, I would say this is one of the more impactful short reports that I can recall given the speed with which things have been happening. |
| 1:37.0 | Both, you know, when a fairly thorough report comes out from some of the names that we know in that space. |
| 1:47.6 | That can be 20% percent on a stock and that was the case with Nikola, but then to drive out let's for the moment give credit |
| 1:56.1 | to the short report for today's news I'm sure that that is not how the company is |
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