Why Nio Shares Popped Friday
It's been a turbulent week for the stock of Chinese electric vehicle maker Nio (NYSE: NIO). After rocketing more than 21% higher on Wednesday, shares dropped nearly 6%, even after the company reported strong November deliveries. But the stock is soaring again Friday, up 7.6% as of 2:40 p.m. ET.
Stocks of China-based companies soared this week as investors sensed the Chinese government would carefully adjust its strict COVID-19 policies to at least partially assuage protestors. The resulting surge in Nio shares on Wednesday probably muted the reaction investors had to the company's reporting record November deliveries one day later. Now that the dust has settled somewhat, investors may be thinking that Nio's business has turned the corner with more record production ahead.
Image source: Nio.
Source Fool.com
