manufacturing
Koss Corp (NASDAQ: KOSS) soared a whopping 80% this morning as meme stock traders flocked back into shares of the headphone maker. There hasn’t been an announcement, news, filing, or an analyst call that may have contributed to such a massive surge in KOSS share price on Wednesday. At the time of writing, Koss stock is trading at $8.0 – up sharply versus its low of $2.33 in late April. Roaring Kitty is keeping meme stock rally aliveInterest in the meme stocks has rekindled in recent days as Keith Gill or “Roaring Kitty” loaded up on shares of Chewy Inc shortly after disclosing a multi-million-...
Invezz
Electric vehicle (EV) stocks have stabilised in the past few weeks as investors started to buy the dip after most of them crashed by double-digits this year. Therefore, an important development in the industry has led analysts to predict a comeback in some popular names. Tesla stock has surgedThe important news in the EV industry that could affect the likes of Lucid Group, Rivian, Polestar, and XPeng is the ongoing recovery of Tesla shares. Tesla jumped by almost 10% on Tuesday and reached its highest point since January 10th. It has now risen by over 66% from its lowest point this year, a spe...
Invezz
General Motors Co (NYSE: GM) has achieved its highest quarterly sales in over three years, driven by significant growth in full-size pickup trucks and electric vehicles. On Tuesday, the Detroit automaker reported second-quarter sales of 696,086 vehicles, marking a 0.6% increase from the previous year and the highest quarterly sales since Q4 2020. At the time of writing, GM shares were trading at $46.63. The stock has surged approximately 35% from its year-to-date low in mid-January. Reasons behind the increase in salesElectric vehicle deliveries increased by 40% from the previous year to 21,93...
Invezz
Mullen Automotive (NASDAQ: MULN) stock price continued its downtrend this year, making it one of the worst performers in the electric vehicle (EV) industry. MULN has tumbled by 83% this year as the S&P 500 and Nasdaq 100 indices have soared to their record highs. The company has also underperformed other American and Chinese EV companies like Rivian, Lucid, and Tesla. Short sellers are thrivingMullen Automotive’s collapse has hurt many investors who have hoped of a rebound. At the same time, it has benefited many short sellers since the company is one of the most shorted companies in Wall Stre...
Invezz
Nio (NYSE: NIO) stock price has crashed hard after peaking at almost $67 in 2021. It has plunged by over 51% this year, bringing its valuation to over $8.6 billion. Also, the stock has melted by more than 55% in the past 12 months. The EV industry woesNio’s downfall has happened in sync with other EV companies, which have pulled back sharply in the past few years. Tesla, the best-known EV brand in the world, has also dropped by over 50% from its all-time high. Other American EV companies like Lucid Group and Rivian have tumbled while Fisker filed bankruptcy in May. Nio’s stock crash has also c...
Invezz
The Nikola (NASDAQ: NKLA) stock price continued its deep sell-off this week and moved to its all-time low as concerns about its business accelerated. It plunged to a low of $7.40 on Monday, bringing the year-to-date losses to almost 72%. It has dropped by almost 98% in the past five years, bringing its market cap from almost $30 billion to $370 million today. Can Nikola survive?The trucking industry is one of the most important one globally since it facilitates all types of trading. It is also a highly consolidated industry that is dominated by companies like Daimler Trucks, Iveco, and PACCAR....
Invezz
Nio Inc (NYSE: NIO) is pushing to the upside today after reporting a near 100% year-on-year increase in its June deliveries. Shares of the electric vehicles company are still down close to 50% versus the start of 2024. Nio deliveries more than doubled in Q2Nio delivered a total of 21,209 vehicles last month – up a whopping 98.15% versus a year ago. 9,628 of those were sedans while 11,581 were sport-utility vehicles, as per a press release on Monday. The EV company also reported 57,373 deliveries for its second quarter as a whole this morning, which translates to about a 144% growth on last yea...
Invezz
Manufacturing activity in Europe saw a notable decline in June, with demand falling at an accelerated rate despite price cuts by factories, according to a recent survey. The Hamburg Commercial Bank’s Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 45.8 in June from 47.3 in May. This dip from the preliminary estimate of 45.6 highlights a sector that has been contracting for two consecutive years, remaining below the critical 50 mark that separates growth from contraction. The PMI is a critical indicator of economic health in the manufacturing sector, with values above 50 indic...
Invezz
Align Technology Inc (NASDAQ: ALGN) is keeping in the green at writing even after Hedgeye named it a new short idea on Friday. Shares of the 3D digital scanners company are down more than 20% versus their year-to-date high. Align Technology stock has 20% downsideHedgeye added Align Technology to its list of short recommendations this morning. Analysts at the investment research firm forecast up to a 20% downside in ALGN. Tom Tobin of Hedgeye expects the Nasdaq-listed firm to see weakness in North America in the second quarter of 2024. In fact, he’s convinced that Align Technology will come in ...
Invezz
Luminar Technologies (NASDAQ: LZAR) stock price jumped by almost 18% on Wednesday as it went through a short squeeze. It jumped to $1.58, its highest point since June 3rd, giving it a market cap of over $597 million. Short sellers have thrivedLuminar has been a boom for short-sellers as its stock has plummeted hard in the past few years. After peaking at $47.78 in December 2020, the LAZR stock has plunged by over 96%, bringing its market cap from a record high of $14.15 billion to less than $600 million today. This performance has benefited shorts since Luminar is one of the most shorted compa...
Invezz
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