EV Maker Pops After Increasing Deliveries

Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see the market surged on Friday. Chinese stocks in particular soared due to signs that authorities are trying to ease the impact of its Covid-Zero policy. Investors were optimistic after hearing news that a system penalizing airlines for bringing virus cases into the country may be scrapped.

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Here’s a look at the top-moving stocks this morning.

NIO, Inc. (NYSE: NIO)

NIO is up 10.66% premarket after the electric vehicle company’s shares dipped 5% on Thursday. Nio reported a sharp year-over-year increase in vehicle deliveries last month, however investors are getting anxious over COVID-19 restrictions in China. Delivery results and price cuts from Tesla might have also played a role.

The electric vehicle sector is undergoing a major shift. It’s estimated the EV market could be worth as much as $7 trillion in the coming years. Which is why our friend Andy Snyder is pounding the table on this startup company. He even believes this innovative car could be more popular than Tesla one day.

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Block (NYSE: SQ)

Block is up 14.52% premarket after reporting third-quarter results that topped analyst expectations. Revenue increased 17% year-over-year to $4.52 billion. Excluding Bitcoin revenue, the total net revenue in the third quarter was $2.75 billion, up 36% year-over-year.

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Atlassian Corporation (Nasdaq: TEAM)

Atlassian is down 26.51% premarket after the cloud company’s earnings reports fell short of Wall Street expectations, potentially wiping away more than $10 billion in evaluation. Twilio, another web service company, was also down 25.96% premarket. Overall, both companies are seeing new pressure on their businesses as buyers remain hesitant in the face of economic uncertainty.

Syneos Health, Inc. (Nasdaq: SYNH)

Syneos Health is down 16.34% premarket after losing revenue in the third quarter. The research organization saw overall revenue decrease 0.9% on a reported basis. Earnings overall came in at $1.23 per share, which missed the Zacks Investment Research for earnings of $1.32 per share.

Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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