Shares of Nio Inc. NIO shot up 9.0% on heavy volume in morning trading Tuesday, adding to the previous session’s 54% surge on the back of better-than-expected third-quarter results.
Published: Dec. 31, 2019 at 10:03 a.m. ET, By Tomi Kilgore
About 59.7 million shares have changed hands within the first 30 minutes of trading, enough to top the NYSE’s most-actives list, and already surpassing the full-day average of 49.8 million shares.
The stock had posted on Monday its second biggest-ever one-day percentage gain of 53.7%, on record volume of 433.8 million shares, after the China-based electric vehicle maker reported a narrower-than-expected loss as revenue jumped above forecasts, and provided an upbeat outlook for the current quarter.
The company said on the post-earnings conference call with analysts that the EC6, Nio’s new smart coupe SUV, had just been released, and while Senior Investor Relations Director Jade Wei said specific order data can’t be shared, the market feedback has been “quite good.”
The stock, which has now more than tripled since closing at a record low of $1.32 on Oct. 1, was still down 36% year to date, while shares of U.S. rival Tesla Inc. TSLA have hiked up 25% this year and the S&P 500 SPX, +1.44% has climbed 29%.
Source: www.marketwatch.com