SYK - Why NIO Wright Medical Group and Lancaster Colony Jumped Today
The stock market kept its upward momentum going on Monday, with continued hopes for a favorable resolution to trade disputes between the U.S. and China playing a central role in bolstering overall sentiment. With earnings season generally going well, investors seem just to want to avoid any unexpected surprises. Some good results from key individual companies sent their stocks sharply higher. NIO (NYSE: NIO), Wright Medical Group (NASDAQ: WMGI), and Lancaster Colony (NASDAQ: LANC) were among the top performers. Here's why they did so well.
Shares of NIO rose 13% after the Chinese electric vehicle manufacturer provided an upbeat delivery update. NIO said that it shipped 2,526 vehicles during the month of October, and that number was higher by 25% compared to September's delivery figures even with a seven-day Chinese holiday in October holding back sales gains that month. That brought total 2019 deliveries of the ES6 five-seat SUV and ES8 seven-seat SUV to 14,867, with the month's sales showing a 2,220 to 306 vehicle lead for the ES6 over the ES8. CEO and founder William Li anticipates further growth coming from expansion plans, but investors will have to see a lot more progress in order for NIO shares to regain all the ground they have lost this year.
Image source: NIO.