What's Going On With Nikola Corporation Stock Today?
Portfolio Pulse from Henry Khederian
Nikola Corporation (NASDAQ:NKLA) stock is down 7.6% with no new company-specific news. The decline may be due to last week's poor earnings report and a negative reaction to Plug Power Inc's (NASDAQ:PLUG) worse-than-expected Q3 financial results. Nikola's recent earnings showed a lack of truck production, only 3 truck shipments, and a significant gross loss. The company also faces increased expenses from a truck recall and needs to raise capital to reach profitability by 2025.
November 10, 2023 | 5:22 pm
News sentiment analysis
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NEGATIVE IMPACT
Nikola Corp's stock is trading lower due to last week's disappointing earnings with a large gross loss and minimal truck shipments, as well as potential industry-wide concerns reflected by Plug Power's poor results.
The stock is likely down due to recent poor earnings and the negative sentiment in the hydrogen industry caused by Plug Power's results. The market may be concerned about Nikola's ability to produce trucks and manage increased expenses.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Plug Power Inc's stock may influence Nikola Corporation's stock performance due to its worse-than-expected Q3 financial results, which could reflect broader industry challenges.
Nikola's stock decline may be in sympathy with Plug Power's poor Q3 results, as negative news in the hydrogen industry can lead to a broader sell-off affecting related companies.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70