
Heyย Global Investor, here's what you need to know before the US markets open.
Market Snapshot ๐
S&P 500ย (Monday Close) 3,294.61ย +23.49ย (0.72%)
NASDAQย (Monday Close) 10,902.80ย +157.52ย (1.47%)
FTSE 100ย (5 PM IST) 6048.44ย 15.59 (+0.25%)
NIFTY 50ย (Today's Close) 11,095.25ย +203.65ย (1.87%)
USDINRย (5 PM IST) 75.12ย (1 Year +7.87%)
Nikola Stock Surges over 20% Ahead of Earnings Call
Nikola stock price rallied yesterday as analysts called a โShort-Term Buyโ recommendation ahead of the companyโs earnings report.
What Happened?ย Deutsche Bank issued a โShort-Term Buyโ rating to Nikola, even as its long-term outlook for the company remains โHold.โ This resulted in a 10% rally in the share price during Mondayโs trading hours. Executive Chairman Trevor Miltonโs update on Nikolaโs balance sheet also helped drive the price.
Emmanuel Rosner, an analyst at Deutsche Bank, added the EV start-up to the bankโs short-term โCatalyst Call Buy List.โ Nikolaโs revenue isnโt the main attraction for tomorrowโs report. Instead, the company could use the earnings call to provide updates on the much-awaited BEV trucks while also sharing the latest developments on its hydrogen refueling network and the Badger pickup.ย
Nikola has had a bumpy ride recently. The recent announcement that the companyโs warrants would be available for redemption into shares saw the stock price nose-dive. However, it seems the excitement about electric vehicles is back. Executive Chairman Trevor Milton tweeted Nikola has $881M in cash and an additional $60M in warrants.
Market Reaction:ย Nikolaโs stock price rose 21.63% to close at $36.49. The share price is up 1.15% before trading hours.
Nikola Snapshot
NKLA $36.49 +6.49 (+21.63%)
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Later Todayย ๐
7.30ย pm IST:ย Factory Orders
After Market Close:ย Walt Disney Co Earnings
After Market Close: Nikola Corp Earnings
Fun Fact of The Dayย ๐
Whaleย 'vomit'ย is used in perfumes
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