NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Why Nio Stock Is Falling Today

Published 11/07/2022, 15:02
Updated 11/07/2022, 15:42
© Reuters.  Why Nio Stock Is Falling Today
GIG
-

NIO Inc (NYSE: NIO) shares are trading lower Monday amid a resurgence in COVID-19 cases in China.

Recent outbreaks have caused casinos, among other businesses, to close in Macau. Fears that new lockdowns could be implemented are crippling China-based stocks today.

Several Chinese stocks are also trading lower following reports that China has imposed fines on some big tech companies for failure to comply with anti-monopoly rules on the disclosure of transactions.

Additionally, China's automobile industry association reportedly lowered its auto sales outlook.

The State Administration for Market Regulation (SAMR) released a list over the weekend of 28 past M&A deals that violated anti-monopoly rules. Some big tech firms including Alibaba (NYSE:BABA) Group Holding Ltd (NYSE: BABA) and Tencent Holdings (HK:0700) (Pink: TCEHY) were reportedly hit with fines.

Related Link: Alibaba, Tencent Fined By Chinese Regulator Over Non-Compliance With Anti-Monopoly Rules

NIO Price Action: Nio has traded between $47.38 and $11.67 over a 52-week period.

The stock was down 8.37% at $20.71 at press time, according to data from Benzinga Pro.

Photo: courtesy of Nio.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.