HomeMarket NewsMicro Cap StocksNIO Inc. Skyrockets After Stellar Q3 Results; U.S. Stocks Tumble

NIO Inc. Skyrockets After Stellar Q3 Results; U.S. Stocks Tumble

Actionable Trade Ideas

always free

nio logo

The U.S. stock market took a tumble on Tuesday, with the Dow Jones index dropping over 100 points – but let’s focus on some good news, shall we? NIO Inc. has obliterated expectations with its third-quarter financial results and share prices soared, leaving other big stocks trailing in its dust.

NIO Inc. stirred market excitement after reporting a whopping 46.6% year-over-year surge in third-quarter revenue to 19.07 billion yuan ($2.61 billion), a staggering 117.4% increase from the previous quarter. This blew past the average estimated revenue of $2.63 billion for the quarter. And what’s even sweeter? The company only reported a non-GAAP loss of $0.31 per share, which was significantly lower than the anticipated $0.43 per share.

NIO shares were the talk of the town, jumping a monumental 6.2% to $7.78 on Tuesday. Meanwhile, a bunch of other stocks also had their moment in the sun today.

XBP Europe Holdings, Inc. shares skyrocketed 24.7% to $47.40, while Travere Therapeutics, Inc. jumped a whopping 24% to $7.80 following a successful pre-NDA meeting for FILSPARI in IgAN. Leading financial giant Citigroup then upgraded Travere Therapeutics from Neutral to Buy, causing its share price to race to the top like a caffeinated greyhound.

If that’s not enough, Gyre Therapeutics, Inc. surged 15.5% to $18.56, TeraWulf Inc. shot up 11% to $1.71 after the company announced November 2023 production and operations updates, and EyePoint Pharmaceuticals, Inc. climbed 8.3% to $19.86. Adecoagro S.A. rose 7.7% to $11.88, and Cerevel Therapeutics Holdings, Inc. gained 7.2% to $34.08. GitLab Inc. also got in on the action, soaring 6.8% to $56.55 after it posted better-than-expected results for its third quarter and issued a strong forecast for FY24.

But let’s not forget Hovnanian Enterprises, Inc., which climbed an impressive 6.4% to $105.29 following its fourth-quarter results, and XP Inc. also had a good run, climbing 5.5% to $23.93 after JP Morgan upgraded the stock from Neutral to Overweight and raised its price target from $27 to $30. Lastly, Signet Jewelers Limited also had a solid day, gaining 4% to $88.06 following upbeat quarterly results.

It looks like the stock market got quite a jolt today – but it’s clear that NIO Inc. was the star of the show. Keep an eye on these companies; you never know when they might pull out their next big surprise!

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.