Nio (NIO.US) stock plunged more than 6.0% today after China-based electric vehicle maker reported mixed quarterly results. Tesla's (TSLA.US) competitor posted a net loss of almost 1.4 billion yuan ($212.8 million) in the final quarter of 2020, a steeper loss than analysts had projected. Revenue came in at 6.6 billion yuan (about $1 billion), slightly better than expected. However the company also flagged a slowing pace of deliveries for its electric vehicles in the current quarter as the global chip shortage will slow production. The company had ramped up production capacity in February to 10,000 vehicles a month, an increase from 7,500 previously, founder William Li said in a quarterly earnings call Tuesday. But a shortage in chips and batteries means Nio will need to fall back to the 7,500 level in the second quarter, he said.
Nio (NIO.US) - yesterday buyers failed to break above the major resistance zone around $50.50 which coincides with 50 SMA (green line). Stock launched today’s session sharply lower and price is currently testing local resistance at $46.25. If sellers manage to fend off bulls then declines could deepen towards next support at $42.12. Source: xStation5
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