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We recently published a list of 10 Companies Mirror Wall Street Downturn. In this article, we are going to take a look at where Aurora Innovation, Inc. (NASDAQ:AUR) stands against other companies mirroring Wall Street downturn.
Wall Street’s main indices finished the shortened trading week in the negative territory, dampened by labor market data that came in much hotter than expected. The news fueled concerns that the Federal Reserve will not slash interest rates again.
Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent on Friday, while the S&P 500 declined by 1.54 percent.
Ten companies mirrored a wider market downturn amid a series of catalysts that dampened investing appetite. This article explores the reasons behind their decline.
In Friday’s biggest losers, we only considered the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A closeup of a self-driving hardware unit inside the dashboard of a passenger vehicle.
Aurora Innovation, Inc. (NASDAQ:AUR)
Shares of Aurora Innovation, Inc. (NASDAQ:AUR) dropped for a second day on Friday, losing 13.22 percent to finish at $6.99 each as investors sold off positions after the company reportedly sued the US Department of Transportation for arbitrarily rejecting the industry’s idea for an alternative solution.
The complaint was filed in the DC Circuit Court of Appeals on Friday.
According to Aurora Innovation, Inc. (NASDAQ:AUR), the department’s decision “stifles safety innovation and would impede the development of the autonomous trucking industry for no valid or lawful reason.”
The case stemmed from an application filed by Aurora and fellow self-driving vehicle manufacturer Waymo, in January 2023 seeking an exemption to existing rules that require truck drivers to exit their vehicle and place reflective triangles or flares on the roadway when stopped on the shoulder of a highway.
The companies sought permission for driverless trucks to instead use ultra-bright, cab-mounted warning beacons similar to those used by highway construction vehicles. On December 26, the department rejected the request.
In its decision, the agency said the companies failed to show that a national, industry-wide exemption for AV trucks would provide an equivalent level of safety in such situations.
Overall, AUR ranks 2nd on our list of companies mirroring Wall Street downturn. While we acknowledge the potential of AUR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AUR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.