XPEV - XPeng Is Falling but Here's Friday's Hardest-Hit Stock
2023-08-18 08:53:00 ET
Throughout much of 2023, naysayers argued that the rebound in stocks from October 2022 was just a bear-market rally. That argument hasn't held up too well, given how far stocks have moved higher in the ensuing nine months. However, some of those bearish sentiments now seem to be percolating into the collective market consciousness, as major market benchmarks looked poised for another down day on Friday morning.
One high-profile stock moving lower on Friday was XPeng (NYSE: XPEV) , which released its latest quarterly financial results. Yet the drop in XPeng's stock paled in comparison to what shareholders of Farfetch (NYSE: FTCH) had to deal with, as the fashion portal provider also disappointed its investors with a downbeat quarterly report. You'll find all the details below.
Shares of XPeng were down about 7% in premarket trading on Friday morning. The Chinese electric vehicle manufacturer reported second-quarter financial results that showed how much competition there is in the industry right now and that failed to inspire investors to see a clear road to a prosperous future.
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XPeng Is Falling, but Here's Friday's Hardest-Hit Stock