: Nio stock falls again, in wake of downbeat results but upbeat outlook

Shares of Nio Inc. NIO slid 2.6% in premarket trading Wednesday, to extend their selloff in the wake of the China-based electric vehicle maker’s downbeat second-quarter results but upbeat third-quarter outlook. Mizuho analyst Jason Getz reiterated his buy rating on the stock, citing the “good” September-quarter outlook with increasing ramps into the December quarter, but cut his stock price target to $18 from $20. On Tuesday, the stock plunged as much as 14.2% to an intraday low of $9.46, the lowest price seen in nine weeks, before recovering to close down just 1.2%. The company had reported wider-than-expected second-quarter losses and revenue that fell short of expectations, but provided third-quarter revenue guidance that was above Wall Street projections. The stock has run up 47% over the past three months through Tuesday, while the iShares MSCI China ETF MCHI has gained 5% and the S&P 500 has SPX tacked on 7%.

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