Hot Stocks: NIO and XPEV rise on deliveries, MU falls on weak guidance and FDX declines on downgrade
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In early trading Chinese electric vehicle stocks
NIO Inc. (NYSE:NIO) and XPeng Inc. (NYSE:XPEV) both head higher as the two organizations delivered strong delivery results for June.
Sliding into the red are shares of Micron Technology (NASDAQ:MU) as the company announced weaker forward guidance. Also drifting lower is FedEx Corporation (NYSE:FDX) after being downgraded.
Gainers
Shares of NIO Inc. (NIO) climbed 1.8% in premarket trading as the Chinese EV maker June deliveries jumped 60.3% Y/Y and Q2 deliveries were up 14.4% Y/Y. NIO delivered 12,961 vehicles in June 2022.
XPeng Inc. (XPEV) has tracked higher in early market trading as the stock jumped 2.5% after the EV maker reported strong delivery results. XPeng announced that June deliveries grew 133% Y/Y to 15,295 Smart EVs and +51% M/M.
Decliners
Micron Technology (MU) slid 5.4% on Fridayâs early market trading after the company posted mixed Q3 results and weak forward guidance. Looking ahead, Micron anticipates fourth-quarter revenue to be between $6.8B and $7.6B, lower than estimates of $9.05B. Moreover, MU forecasts adjusted earnings per share between $1.43 and $1.83 per share which is lower than analyst expectations of $2.62 per share.
FedEx Corporation (FDX) shares fall 1.9% as Berenberg reeled in expectations on the parcel transport firm to a Hold from Buy and called the stock a "show me story."
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