Why Canoo Stock Bumped Higher on Tuesday

Logo NasdaqNasdaq
2023-09-05 22:47:06  • 2 mins

What happened

It was a "rising tide lifts all boats," situation for numerous electric vehicle (EV) stocks on Tuesday. Very encouraging sales figures from an ostensibly struggling big economy overseas revved investor interest in the sector higher.

One beneficiary was specialty manufacturer Canoo (NASDAQ: GOEV), which saw its share price grow by almost 1% across the course of the trading day.

So what

The big boat, or rather car, leading the bull motorcade was perennial No. 1 Tesla.

The China Passenger Car Association reported that the bellwether EV maker sold 84,159 of its domestically produced cars in the massive Asian country in August. That was a robust 9% higher than the same month of 2022.

Continue read on nasdaq.com

Elon Musk's electric-vehicle maker faces escalating price pressure from domestic rivals likeBYD Co.
Logo FortuneFortune
2023-10-01 13:44:38  • 1 min
The carmaker, one of Chinas EV marques, broke monthly sales records again, riding on robust demand in the worlds largest EV market.
Nvidia has helped kick off an era of generative AI. No one knows for sure how long the boom times will last, but sales and profits -- and thus the stock...
Logo NasdaqNasdaq
2023-10-01 09:15:00  • 2 mins
The past few weeks haven't been particularly great ones for the stock market. All told, the S&P 500 currently sits 7% below its late-July peak. And lower...
Logo NasdaqNasdaq
2023-10-01 11:20:00  • 2 mins
Last month wasn't a particularly great one for the market. All told, the S&P 500 lost 4% of its value in September, upending a budding rebound effort in...
Logo NasdaqNasdaq
2023-10-01 09:20:00  • 2 mins
Tesla is still the biggest name in premium electric vehicles, but the company now has so much competition from high-end rivals that it has lowered its prices...
Logo NasdaqNasdaq
2023-10-01 17:00:44  • 1 min
Electric vehicle company Tesla (NASDAQ: TSLA) is currently sitting pretty. The company is slashing prices to take market share at a time when labor strikes...
Logo NasdaqNasdaq
2023-09-30 11:30:00  • 1 min
It's been a disappointing past few months for shareholders of Rio Tinto Group (NYSE: RIO) and Freeport-McMoRan (NYSE: FCX). Although both metal mining stocks...
Logo NasdaqNasdaq
2023-10-01 10:26:00  • 1 min
The kids are back in school, every store smells of pumpkin spice, and the neighbors are putting up Halloween decorations already. October is here, kicking...
Logo NasdaqNasdaq
2023-10-01 13:09:00  • 2 mins
In July, Mediterranean restaurant chain Cava Group (NYSE: CAVA) went public and within days soared to a $5 billion valuation. Two weeks later, while Cava was...
Logo NasdaqNasdaq
2023-10-01 11:45:00  • 2 mins
Best News Website or Mobile Service WAN-IFRA Digital Media Awards Worldwide 2022 Best News Website or Mobile Service Digital Media Awards Worldwide 2022...
Logo Channel NewsAsiaChannel NewsAsia
2023-10-01 06:48:18  • 1 min
After more than a year of uncertainty, 2023 has marked a return to form for Wall Street. The S&P 500 index has gained nearly 12% so far this year and is...
Logo NasdaqNasdaq
2023-10-01 15:45:00  • 1 min
What's the most worrisome problem about investing in a hot new area? It's that the companies that emerge as early leaders might not have staying power. You...
Logo NasdaqNasdaq
2023-10-01 09:55:00  • 2 mins
What happened The United Auto Workers (UAW) strike is spreading and deepening, and a very prominent ally has joined the union's side. On Tuesday, the share...
Logo NasdaqNasdaq
2023-09-26 22:09:34  • 1 min
With macro pressures continuing to weigh on companies, it is better to focus on sectors that are resilient and include companies that can navigate short-term...
Logo NasdaqNasdaq
2023-10-01 02:32:42  • 1 min
Even though the stock market has rallied so far this year, there still are plenty of bargains to be found across industries. In some cases, we're talking...
Logo NasdaqNasdaq
2023-10-01 09:30:00  • 1 min
What happened Shares of rising Chinese electric-car company Li Auto (NASDAQ: LI) cratered 9.8% through 9:45 a.m. ET on Monday as competition heated up in...
Logo NasdaqNasdaq
2023-09-25 15:14:00  • 1 min
In this video, I will talk about four companies worth your attention, especially during these uncertain times. I chose a mix of companies in different...
Logo NasdaqNasdaq
2023-10-01 14:30:00  • 1 min
My top financial goal is to become financially independent. I'm working toward achieving that aim by growing my passive income to match my expenses. The...
Logo NasdaqNasdaq
2023-10-01 13:01:00  • 2 mins
What happened Shares of Nikola Corp. (NASDAQ: NKLA) rocketed as much as 36% higher this week, according to data provided by S&P Global Market...
Logo NasdaqNasdaq
2023-09-29 22:56:56  • 2 mins