What happened Shares of lidar sensor maker Velodyne Lidar (NASDAQ: VLDR) were trading 10% lower Thursday as of 11:45 a.m. EST. But that was after the stock shot up by almost 50% earlier this week. The stock has now given back about half of those gains. VLDR data by YCharts So what The volatility this week was driven in part by news that another lidar sensor maker is preparing to go public, and a rumor about Apple's (NASDAQ: AAPL) plans to bring an autonomous electric vehicle (EV) to market. Velodyne lidar sensor on a vehicle. Image source: Velodyne Lidar. Now what If it's true that Apple will come out with its own self-driving EV by 2024, as Reuters reported earlier this week, that certainly could be meaningful for lidar sensor makers. The share prices of both lidar sensor companies and EV battery makers soared on the potential. Of course, an Apple vehicle isn't definite, and no one knows what sensor technology it might use for its self-driving vehicles. News that fellow sensor maker Ouster plans to go public through a merger with special purpose acquisition company (SPAC) Colonnade Acquisition (NYSE: CLA) also drew investor interest to the sector this week. Velodyne's tech is used in a range of applications beyond the automotive realm -- among them, smart city applications, robotics, industrial, and mapping. The stock's jump earlier this week, though, wasn't based on any specific business development. Thursday's share price decline is simply a reflection of that, most likely. The stock is still up by 45% over the last month, too. There is much promise in the future of the business, but investors should stay focused on any updates in that area. That investors are tempering their recent enthusiasm about Velodyne just seems to make sense, but it doesn't reflect anything about the underlying company. 10 stocks we like better than Velodyne Lidar, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Velodyne Lidar, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Howard Smith owns shares of Apple. The Motley Fool owns shares of and recommends Apple. The Motley Fool has a disclosure policy.Source