Nio's stock tumbles ahead of 4th earnings report as a public company
Shares of Nio Inc. tumbled 10% in active trading Monday before the China-based electric car maker reports second-quarter results, which is scheduled to be released before Tuesday's open. Trading volume ballooned to 25.9 million shares, nearly double the full-day average of 15.2 million shares. In July, the company said second-quarter deliveries through June totaled 3,553, which is above the previous quarterly guidance of 2,800 to 3,200. The results will be the fourth since Nio went public a year ago. The stock gained 3.6% the day after first-quarter results were reported, tumbled 21% the day after fourth-quarter results and lost 4.2% the day after third-quarter results. Nio's stock has gained 3.6% over the past three months but has tumbled 57% year to date, while the S&P 500 has edged up 1.6% the past three months and rallied 19.5% this year.
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