Biggest Ripper: A few weeks ago, we covered rumors that Churchill Capital Corp IV was nearing a deal with Lucid Motors, a multi-billion dollar EV company funded in part by the Saudi Arabian sovereign wealth fund. $CCIV has doubled several times since we wrote about it. The company also became last week’s biggest Ripper on the news that the SPAC was nearing a merger agreement. The stock rose over 50% last week.
Last week: The engine of a United Boeing 777 combusted after takeoff from Denver on Saturday, prompting an emergency landing. Debris from the engine was showered over neighborhoods below. On Sunday evening, the FAA called for an emergency inspection of the Pratt & Whitney PW4000 engines on certain 777 planes. The Japanese government announced they would go a step further by grounding the 777 until inspections could be completed. Unsurprisingly, United announced they would ground all Boeing 777s with the engines until they could honor the FAA’s requests. So keep an eye on $UAL and $BA stocks.
Coming up: Keep an eye on high-profile SPACs this week. Chamath tweeted on Sunday evening that he was about to “f*** some s*** up,” which will likely move $IPOD and $IPOF shares throughout the week. Bill Ackman’s mega SPAC $PSTH has moved upward over the last few days on mostly unfounded rumors that the SPAC is close to announcing a merger. All eyes will be on $CCIV this week to see if the company closes its highly rumored deal with Lucid.
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