Why Nio Shares Bounced Back Friday
Nio (NYSE: NIO) shares have been pushed and pulled in both directions this week. But Nio enthusiasts are gaining the upper hand to end the week, helping its American depositary shares to pop 6.6% Friday morning. The stock tempered those gains somewhat, but still remained 2.4% higher as of 11:40 a.m. ET.
The up-and-down movement this week has mostly been down, with investors growing increasingly concerned about how COVID-19-related lockdowns in China will ultimately affect the company and its path for growing production. But some positive news from rival Tesla yesterday has some investors betting the recent sell-off has been overdone.
Image source: Nio.
Source Fool.com