Hot Stocks: TSLA gains on upgrade, SIG rises on earnings, NIO falls on lockdown fears, and SKIL also sinks
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Wall Street looks to open higher thanks to the support of Tesla (NASDAQ:TSLA), as the electric vehicle maker pulls support from an analyst upgrade and strong sales data out of China. Also supporting the bulls is Signet Jewelers (NYSE:SIG), which has trended higher after an earnings beat.
On the other side of the coin, shares of NIO Inc. (NYSE:NIO) fall as Shanghai lockdowns continue. Furthermore, shares of Skillsoft Corp. (NYSE:SKIL) plunged even as the stock posted positive earnings figures.
Gainers
Tesla (TSLA) has risen 2.7% Thursday morning after the EV giant was upgraded by UBS Group (UBS) to a Buy rating after being listed as a Hold. The financial institution views the operational outlook for TSLA to be stronger than ever and sees an attractive entry point for growth investors. Further supporting Elon Muskâs TSLA is the M/M sales data out of China, where TSLA sold 32,165 China-made vehicles in May vs. 1,152 vehicles sold in April.
Signet Jewelers (SIG) popped 8.8% in premarket trading as the firm beat revenue expectations, rising 8.9% from 2021 to $1.84B for the first quarter. Also of note, same store sales grew 2.5% from the prior year.
Decliners
NIO Inc. (NIO) the Shanghai-based EV manufacturer has dipped 7.9% as concerns swirl around both deliveries and revenue as China refuses to abandon its zero-COVID strategies in NIOâs home city of Shanghai.
Skillsoft Corp. (SKIL) dropped 8.3% in early Thursday trading even after the educational technology company beat Q1 GAAP EPS and revenues. SKIL topped Q1 GAAP EPS of -$0.15, a beat by $0.05. The firm also surpassed revenues by $2.56M.
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