FSR - Why Electric Vehicle Stocks Canoo and Fisker Zoomed Higher Today
2023-04-25 18:56:06 ET
Shares of niche electric vehicle (EV) companies Canoo (NASDAQ: GOEV) and Fisker (NYSE: FSR) zoomed ahead on Tuesday. On the back of a giant automaker's better-than-expected results, bullishness returned to numerous corners of the car industry despite the gloom pervading the market generally. Canoo's share price motored ahead by 6.5% for the day and Fisker's gained nearly 9%, while the S&P 500 index sputtered to a 1.6% decline.
The big carmaker reporting results was ever-influential General Motors (NYSE: GM) , which notched a massive beat on the bottom line in the first quarter and raised its full-year guidance.
Although GE's stock actually ended up falling by 4% Tuesday after a brief, early burst of post-earnings optimism, its Q1 provided plenty of reason for investors to be cheerful about the future of the vehicle industry -- particularly as it pertains to EVs .
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Why Electric Vehicle Stocks Canoo and Fisker Zoomed Higher Today