: Nikola stock rallies again, toward best 2-day performance in 3 years in wake of BayoTech deal

Shares of Nikola Corp. NKLA 10.8% toward a five-month high in morning trading Friday, a day after it skyrocketed 60.9%. The stock’s two-day tally of 79.0% would be the best two-day performance the electric vehicle maker’s investors since it soared 103.7% in two sessions to June 8, 2020. Helping fuel the gains, Nikola announced Thursday an agreement in which it purchases hydrogen from BayoTech Inc., and BayoTech buys 50 Nikola big-rig hydrogen fuel cell electric vehicles. The stock has now run up 355.6% since it closed at a record low of 54.21 cents on June 6. Nikola’s stock had started trading under its current ticker on June 4, 2020, following the completion of its merger with special purpose acquisition company (SPAC) VectoIQ Acquisition Corp. The stock has gained 13.9% year to date, while the Global X Autonomous and Electric Vehicles exchange-traded fund DRIV has climbed 37.2% and the S&P 500 SPX has tacked on 17.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.