Why Canoo Holdings Stock Is Sharply Higher Today

Shares of electric vehicle start-up Canoo Holdings (NASDAQ: GOEV) were moving higher on Tuesday, after the company reported third-quarter earnings and said it will begin production of its first vehicle sooner than expected. 

As of 3 p.m. EST, Canoo's shares were up about 18.3% from Monday's closing price.

Canoo reported its third-quarter results after the U.S. markets closed on Monday, and they were better than expected. The company, which has no revenue, reported a net loss of $80.9 million ($0.35 per share), nearly all of it attributable to product development and administrative costs. Wall Street analysts polled by Thomson Reuters had expected a larger loss, $0.44 per share. 

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Source Fool.com