Why Nio Stock Spiked Again Friday
After a nearly 12% pop yesterday, Nio (NYSE: NIO) shares are on the rise again Friday morning. Overnight the Hong Kong-listed shares for the Chinese electric vehicle (EV) maker soared 20%, and its American depositary shares are keeping the rally going, up 9.5% as of 10:42 a.m. ET.
Yesterday's rally came after the company reported its third-quarter results and gave investors an optimistic prediction for vehicle deliveries in the fourth quarter. Investors were also boosting growth and technology stocks yesterday after the October Consumer Product Index showed the rate of inflation slowed last month.
The move overnight in Hong Kong had an additional catalyst. China has announced an easing of its strict COVID-19 quarantine policy that has resulted in negative impacts on both production and consumer demand for Nio's vehicles.
Source Fool.com
