XPEV - Nike Is Falling but This EV Challenger Is Giving Tesla a Run for Its Money
2023-06-30 09:47:13 ET
Wall Street appeared ready to end the first half of 2023 on a high note. Stock indexes climbed just after the opening bell Friday morning, as the Nasdaq led the way with a move higher of more than 1%. Some investors have been surprised at the extent of the rebound from 2022's bear market, particularly as many of the macroeconomic and geopolitical concerns that prevailed last year remain firmly in place.
Indeed, some of the same concerns remain problematic for particular companies. Shares of Nike (NYSE: NKE) fell early Friday after the athletic footwear and apparel giant reported its latest quarterly results. However, in the electric car realm, XPeng (NYSE: XPEV) climbed sharply as it responded to Tesla by making a key strategic move. Read on to learn more about both of these stocks, and find out what the future might hold for them.
Shares of Nike were down about 2% early Friday. Fiscal fourth-quarter results for the period ended May 31 showed continuing signs of sluggishness in the consumer sector, which could bode poorly for retailers more broadly.
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Nike Is Falling, but This EV Challenger Is Giving Tesla a Run for Its Money