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Biggest stock movers today Gold Fields and Mullen Automotive: Highlighting the Stock Market Roller Coaster

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As the trading day commences, the roller coaster of stock futures begins yet another ascent, signaling a potential positive conclusion to 2023.

Let’s delve into the key movers in today’s stock market:

The Rise and Rebound

Gold Fields, listed on the NYSE under the ticker symbol GFI, displayed resilience with a remarkable 4% rebound. This impressive recovery comes on the heels of a steep 10.7% decline on Thursday. The mining company’s downward spiral was attributed to its revised 2024 production forecast for the Salares Norte project in Chile. Gold Fields encountered unexpected challenges in the pre-commissioning process, leading to a delay of four months in the anticipated commencement of the first gold production, now set for April. The company also revised its 2024 production volume estimate for Salares Norte to 220K–250K gold equivalent ounces, a significant drop from the initial guidance of 400K–430K ounces. The challenges included issues with the cyanide circuit, other reagent circuits, and personnel availability with the primary contractor.

Electric Dreams and Positive Momentum

Mullen Automotive, traded on the NASDAQ under the ticker symbol MULN, maintained its positive momentum with a 5% rise in premarket trading on Friday, building on the impressive 28% gain from the previous day. This surge followed the delivery of 50 Mullen ONE electric cargo vans to Randy Marion Automotive Group for $1.68M, with an anticipation of additional deliveries. In the upcoming week, Randy Marion is set to receive a total of 285 Mullen ONE vans as part of their order for 6K vehicles. The Mullen ONE, celebrated for its 110-mile range on a single charge, approximately 1.7K pounds capacity, and a 157-cubic-foot cargo volume, continues to fortify Mullen’s optimistic outlook. The company projects invoicing over $6M for vehicles by the end of fiscal 2024 Q1, closing out on December 31.

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