Here’s Why Aurora Innovation, Inc. (AUR) Is Among Monday’s Top Losers

We recently compiled a list of the 10 Firms Drop on Bearish Statements, Disappointing Earnings. In this article, we are going to take a look at where Aurora Innovation, Inc. (NASDAQ:AUR) stands against the other stocks.

Ten companies—mostly under the quantum computing sector—kicked off the trading week leading declines amid not-so-optimistic statements from chief executives and disappointing earnings updates that have weighed in on investor sentiment.

Meanwhile, Wall Street’s main indices ended mixed, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.

To come up with Monday’s top losers, we considered only 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)

Autonomous driving company Aurora Innovation, Inc. (NASDAQ:AUR) dropped for a third day on Monday as investors continued to sell off positions while waiting on the sidelines after the company 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 (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.

Overall AUR ranks 7th on our list of Monday’s top losers. While we acknowledge the potential of AUR as an investment, our conviction lies in the belief that some 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.

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Disclosure: None. This article is originally published at Insider Monkey.