A new electric truck SPAC called Lordstown is forming and the shares are surging

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The Lordstown Motors Corp. Endurance electric pickup truck is displayed during an unveiling event in Lordstown, Ohio, U.S., on Thursday, June 25, 2020.

Matthew Hatcher | Bloomberg | Getty Images

Shares of DiamondPeak Holdings, a special purpose acquisition company, jumped more than 20% during premarket trading on Monday after the company announced that it will merge with electric vehicle company Lordstown Motors. The combined company will trade on the Nasdaq under the new symbol “RIDE.”

The deal represents two areas of particular investor interest this year: special purpose acquisition companies (SPACs), as well as electric vehicle start-ups.

SPACs are also

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Kodak, AMD, Shopify, Boeing, General Electric & more

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Check out the companies making headlines in midday trading. 

Kodak — Shares of Kodak soared about 330% after President Donald Trump tapped the photography pioneer to produce ingredients in generic drugs in response to the coronavirus pandemic. The shares skyrocketed as much as 570% at one point. Trading was halted more than 15 times Wednesday due to volatility.

General Electric — Shares of General Electric fell more than 4% after the industrial giant reported a bigger-than-expected loss for the second quarter. GE posted a loss of 15 cents per share, which is bigger than the loss of 10 cents a

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General Electric (GE) earnings Q2 2020

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Larry Culp, CEO, General Electric

Scott Mlyn | CNBC

General Electric reported on Wednesday a revenue figure for the second quarter that slightly beat analyst expectations, sending the stock higher. However, the industrial giant’s bottom line took a bigger-than-expected hit as the company weathers the coronavirus pandemic. 

Here’s how the company’s results compared to analyst expectations:

  • Revenue:  $17.7 billion vs $17.12 billion forecast
  • Loss per share: 15 cents per share vs a loss of 10 cents per share expected by Refinitiv

GE’s stronger-than-forecast revenues were mainly driven by sales in the company’s power and renewable energy divisions. Revenues from power

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Ford unveils electric Mustang Mach-E race car with 1,400 horsepower

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Ford introduced the all-electric Mustang Mach-E 1400 – a one-of-a-kind prototype –to demonstrate the performance possibilities of all-electric vehicles.

Ford

Ford Motor has developed a racing version of its upcoming all-electric Mustang Mach-E crossover with 1,400 horsepower and a top speed that’s not street legal.

The company plans to use the prototype vehicle, which it’s calling the Mustang Mach-E 1400, to show off the potential performance of all-electric vehicles as the new crossover begins arriving in dealerships later this year.

“It’s an all-around athlete,” Mark Rushbrook, motorsports director of Ford Performance, told CNBC. He called the vehicle a “learning platform”

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