Yahoo Finance’s Jared Blikre reports on the day's trending tickers.
ALEXIS CHRISTOFOROUS: I want to get to Jared Blikre now, who has his eye on some of our trending tickers. And Jared, there is some breaking news regarding the meat producers. It looks like the Biden administration wants to step in and take care of some of the sticker shock we've all been seeing in the meat aisle at the grocery store.
JARED BLIKRE: Yeah, I've been seeing it all over at the grocery store, but let me run through some of the details here. So the Biden administration is going to put up $1.4 billion of stimulus money to work to help small meat producers and workers. And this is according to Reuters. They're also vowing to crack down on price fixing. They have probes of chicken price fixing and beef antitrusts. These are ongoing already. And they're also saying that meat prices make up half of the food price rise since late 2020.
And let's take a look at the YFi Interactive, where I have a heat map of our commodity space. And this is over a one-year period. So in the upper left-- by the way, these are energy prices. Natural gas up 104%, but we're not talking about that. We're talking about food today. Let's go to live cattle futures. They are up 16 and 1/2% over the last year. And ancillary note here-- sugar, sugar is also up over 60%. So it's not just in meat prices, it's all over the board here. But nevertheless, Biden administration is taking action. Again, $1.4 billion. So we'll see if this lowers my steak prices. I'm not-- I'm going to hold my breath there.
ALEXIS CHRISTOFOROUS: I'm not holding out any great hope. And I'm with you. Just about every aisle you go down, it just seems like we're paying more for just about everything. Taking a look at some of our trending tickers, I know Lucid Motors having not a great day. What is behind the selloff there?
JARED BLIKRE: Yeah, there's a deal where when the SPAC came to market, they issued warrants as well. And those warrants can be redeemed either in cash or in stock. And so those warrants are going to be redeemed in stock. So it's basically a shareholder dilutionary-- I'm not sure that's a word-- event. Anyway, the shareholders are going to be diluted.
I do have our EV space on the screen here. And let's take a look. And we're looking for Lucid Group, LCID. There we go-- down 4% today. This is a stock that had quite the run-up in February of this year. And you can see well off of that peak. A lot of these EV SPACs that have come to market have had some of these problems.
Just getting into some of the details of these warrants, these are going to stop trading at 5:00 PM on October 8. So if you have those, you're going to receive stock in Lucid after that date. Or after that, they will expire-- effectively worthless. And there were 41.4 million outstanding public warrants. And this is after that deal that they closed with Churchill Capital Corp IV. That's one of those Chamath Palihapitiya SPACs.
And finally, Lucid said that the cashless redemption, quote, "reflects confidence in its business outlook and strong balance sheet." So the EV space not doing that well today. In fact, one thing I noted earlier, only Ford and GM, these legacy players, are in the green today.
ALEXIS CHRISTOFOROUS: Yeah, look, we've got to talk a little cryptocurrency here before I let you go, Jared, because I know that it looks like Bitcoin, at least after that flash crash, started to stabilize a little bit. But there is some news in this space. Robinhood, it's going to make it a little bit easier, I guess, to invest in cryptocurrencies. Tell us about that.
JARED BLIKRE: That's right. There's going to be an automatic redemption-- not automatic redemption-- reinvestment, talking about redemptions. So you're going to be able to set a fixed amount. And this will allow you to add to your crypto investments on a regular basis. And this product is going to be available to some users starting on Wednesday.
And here's a quote from Robinhood, saying, dollar cost averaging-- and that's where you're buying more as time goes on-- encourages investing money gradually at regular intervals, rather than all at once and regardless of where market prices stand. And this helps to smooth out the price swings that can sometimes occur. So, in other words, if Bitcoin goes up, you're going to be adding to your investment on a regular basis. But if it goes down, same deal.
I do want to focus on some of the technicals. We've been following this closely over the last 24 hours. And I will put a five-day chart on-- once again, this was that big crash that we had yesterday. You can't see it on an intraday basis, but it hit about 42,500, 42,800 right there. And so you can see we're still consolidating after that move. A little bit of a bear flag here, so hopefully we're not going to see another leg down. But some good news-- we're starting to see some green on the screen here. Ether is up 1% over the trailing day. And so is, it looks like, Cardano. That's up 1.6%.