Why Canoo Stock Dropped Tuesday

·2 min read

In early July, specialty electric vehicle maker Canoo (NASDAQ: GOEV) shocked investors with news that it was getting a vehicle order from retail giant Walmart. Today's drop came from information gleaned from the second-quarter report Canoo released last night. After Walmart said it would order 4,500 vehicles from Canoo to supply its e-commerce delivery fleet, investors thought it was a lifeline for the company.