Dow Jones futures rose modestly early Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally paused Tuesday while Zoom Video Communications
) plunged. CrowdStrike stock headlined earnings movers overnight. Nio
) and other China EV makers reported monthly sales with Tesla stock just above an aggressive entry.CrowdStrike
) and Ambarella
) reported earnings late Tuesday.
All three topped estimates. CRWD stock fell overnight while PLAN stock surged and AMBA stock popped.
Nio reported August deliveries
of 5,880, up 48% vs. a year earlier but down 26% from 7,931 in July. Nio cited record new orders but blamed supply-chain issues, almost certainly including chips, for hampering production. It cut its Q3 delivery target to 22,500-23,500 from 23,000-25,000. Fellow EV startup Xpeng
) delivered 7,214 EVs, mostly its P7 sedan, up 172% vs. a year earlier. That's down 10% from 8,040 in July. Xpeng will begin deliveries of its smaller P5 sedan, first production car with Lidar, in October. Li Auto
) sold 9,433 Li One SUVs, which have a small gas engine as a range extender. That's 248% above a year earlier and up 9.8% from 8,589 in July.
China EV giant BYD Co.
) will likely follow in a couple days. Li Auto and BYD recently reported earnings, following Nio and Xpeng earlier last month.
Nio stock fell 5% Wednesday morning, near multi-month lows. Xpeng stock retreated 3% after reclaiming its 50-day line Tuesday. Li Auto stock was little changed after rallying Tuesday to just below its 50-day. BYD stock, not yet active, is in a handle, near a buy point and all-time highs.
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