Disappointing Q2 Results Drag EV Stock

<p><strong>Nio Inc (NYSE:NIO) </strong>earlier announced worse-than-expected second-quarter losses and revenue. The electric vehicle (EV) name also saw its delivery numbers dwindle year over year, and issued a fiscal third-quarter revenue outlook that was below analysts’ estimates. At last check, NIO was down 7.9% at $10.15.</p>
<p>Today’s bear gap early sent the security below a floor at the $10 level, and it’s on track close below its 80-day moving average for the first time since June. <strong><a href="https://www.schaeffersresearch.com/content/options/2023/06/12/options-traders-score-cheap-premium-after-nio-earnings" target="_blank">Nio stock</a></strong> is a far cry from this year’s Aug. 4 high of $16.18, and is down nearly 50% over the last 12 months.&nbsp;</p>
<p>Overall options volume is already running at six times the intraday average amount, with 100,000 calls and 51,000 puts traded so far. Most active is the weekly 9/1 9.50-strike put, where positions are being opened. NIO is also on the short sale restricted (SSR) list today.&nbsp;</p>
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