Why Churchill Capital SPACs Stood Out in a Mixed Market Friday

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Friday morning brought another relatively quiet day of trading on Wall Street. Stock market participants seem to be waiting to see how efforts in several areas go, including the coronavirus vaccine rollout, efforts to stimulate economic activity in the U.S. and abroad, and changes in relations between the U.S. and foreign powers. As of 11:15 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 11 points to 31,420. However, the S&P 500 (SNPINDEX: ^GSPC) rose 6 points to 3,922, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) moved higher by 10 points to 14,036.

Special purpose acquisition companies have been in the news for quite a while, as they offer an interesting alternative to traditional IPOs. Among SPAC providers, Churchill Capital has emerged as a big player in the field, and its Churchill Capital IV (NYSE: CCIV) is a front-runner. That’s driving high demand for the latest Churchill Capital SPAC, but it’s also important to see how some of the company’s other outstanding special purpose acquisition companies are faring and why they haven’t matched up to the fourth SPAC’s performance.

Churchill investors had two reasons to celebrate on Friday morning. Churchill Capital IV shares were up more than 10%, as shareholders continue to speculate about whether the SPAC will be able to conclude a much-rumored deal with electric vehicle manufacturer Lucid Motors.

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