Why ChargePoint, QuantumScape, and Bloom Energy Rose Early Today
Investors seem to be looking to reverse a recent trend on the first day of November trading. Technology and higher-risk stocks badly trailed the more more blue chip-oriented Dow Jones Industrial Average in October. But this morning, more speculative stocks like ChargePoint Holdings (NYSE: CHPT), QuantumScape (NYSE: QS), and hydrogen fuel cell maker Bloom Energy (NYSE: BE) were on the rise. The stocks gave back early gains of between 4.4% and 5.4%, though. As of 12:30 p.m. ET. ChargePoint shares remained up 0.5%, QuantumScape was at about breakeven, but Bloom Energy was down 0.8% at that time.
The Dow Jones soared almost 14% in October, marking its best month since 1976. That was in stark contrast to the tech-heavy Nasdaq Composite that moved up about 4%. Investors seemed to want to take advantage of that discrepancy this morning, sending riskier growth stocks higher. QuantumScape updated investors with its third-quarter report last week, but ChargePoint and Bloom Energy have yet to do that. So there hasn't been any material news from these companies to explain today's outperformance.
Source Fool.com
