Why Nikola Shares Charged Higher This Week
There are good macroeconomic reasons to explain why shares of Nikola (NASDAQ: NKLA) rallied this week. Shares, in fact, are 17.5% higher early Friday morning compared to where they closed last Friday, according to data provided by S&P Global Market Intelligence.
Macro tailwinds this week included lower Treasury bond yields and the Federal Reserve's stance on interest rates. But there were also company-specific catalysts that likely had investors feeling more optimistic about the electric heavy truck maker's prospects.
It may turn out that the third-quarter period that Nikola just reported will be looked at as a pivotal time for the electric vehicle (EV) start-up. Nikola just started producing its hydrogen fuel cell electric trucks. The company is leaning away from the battery electric semis that it has been selling for almost the last two years and moving toward the hydrogen-powered trucks.
Source Fool.com
