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NIO - Why Nio Canoo and Lucid Stocks All Popped Today
NIO Inc. American depositary shares each representing one Class A
2023-04-11 12:29:15 ET
Tuesday is looking great for car stocks, as news of a surprise earnings beat from CarMax lifted investor hopes for brighter days ahead for EV stocks Lucid Group (NASDAQ: LCID) , Nio (NYSE: NIO) , and Canoo (NASDAQ: GOEV) -- which were up 4.6%, 5.1%, and 6.2% respectively, as of 11:55 a.m. ET.
But investors appear to be reading CarMax's news all wrong.
That's not to say CarMax's news today wasn't good. This morning, the used-car superstore announced an astonishing earnings beat, with earnings coming in at a strong $0.44 per share instead of the $0.24 that investors expected.