Why Luminar Technologies Stock Jumped This Morning | The Motley Fool

What happened 

Shares of lidar-sensor maker Luminar Technologies (NASDAQ:LAZR) were on the rebound on Wednesday morning, trading higher after it clarified the details of its deal to sell lidar units and software to Intel (NASDAQ:INTC) subsidiary Mobileye. 

As of 10 a.m. EST, Luminar’s shares were up about 10.3% from Monday’s closing price. 

So what

Luminar’s stock price got clobbered on Tuesday after Reuters reported that the CEO fo Mobileye, a key Luminar client, said that his company might develop its own lidar units in-house.

Understandably, that report led to concerns among Luminar investors. But it turns out it was something of a false alarm. In a statement released before the market opened on Wednesday, Mobileye and Luminar clarified that they are still very much doing business together, and there’s no plan to change that. 

Four lidar sensors and an automotive-grade control unit.

Luminar’s Hydra lidar system was developed from the start for automotive applications. Image…

Source link