Why Nikola Stock Is Getting Zapped Today

Shares of electric-truck start-up Nikola (NASDAQ: NKLA) fell sharply on Monday morning, after the company said that a much-anticipated deal with General Motors (NYSE: GM) will be narrower than expected and will not include an equity stake for GM. As of 10 a.m. EST, Nikola's shares were down about 22.4% from Friday's closing price. Nikola and GM said on Monday morning that they have signed a "non-binding Memorandum of Understanding" that outlines a deal in which Nikola will buy hydrogen fuel cells from GM, and the two companies will work together to incorporate the fuel cells into Nikola's electric semi trucks.