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Nio Inc. (NYSE:NIO) shares are trading higher in Friday’s premarket session. The move comes despite broader market weakness. Nasdaq futures fell 0.59% early Friday. S&P 500 futures also shed 0.38%.
Defying Broad Market Headwinds
No specific news dropped Friday morning to drive the move. However, the stock carries momentum from recent milestones. The company on March 10 reported its first quarterly profit.
Fourth-quarter revenue hit $4.95 billion, up 75.9% year-over-year. Adjusted earnings reached 0.29 yuan (4 cents) per ADS, beating analyst estimates.
Analyst Sentiment Turns Bullish
Wall Street is pivoting toward a more positive outlook. Nomura upgraded the stock following earnings results to Buy from Neutral. Analysts at Macquarie …
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