Why ChargePoint Shares Rose Then Reversed Course Today

Some big news Tuesday in the electric vehicle (EV) charging industry is making waves for related stocks. Global automaker Volkswagen sold a minority stake in its U.S. EV charging business, Electrify America, to industrial giant Siemens.

Among the ways traders reacted to that news was by bidding up the shares of EV charging network operator ChargePoint (NYSE: CHPT) by nearly 4% in early trading Tuesday. But as the trend in the overall market turned negative, ChargePoint shares reversed course and were trading 5.4% lower as of 1:30 p.m. ET.

The Electrify America transaction looked like good news for publicly traded charging network names like ChargePoint on several fronts.

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Source Fool.com