Short interest on Bed Bath & Beyond lifts EV stocks

Workhorse

11/01/2023 17:23

** Shares of electric vehicle companies rise as sector sees
spillover effect of short interest on Bed Bath and Beyond
 BBBY.O 
    ** "Bed Bath and Beyond is trading up 50%, it's a short
squeeze. A lot of these beaten down EV names have high short
interest as well, so you're starting to see some of those names
catch a bit," said Dennis Dick, head trader and market structure
analyst at Triple D Trading. 
    ** Shares of Tesla  TSLA.O , Faraday Future Intelligent
Electric  FFIE.O  and Fisker  FSR.N  up between 3% and 21.2%
    ** Lucid Group  LCID.O , Nikola  NKLA.O , Canoo  GOEV.O ,
Workhorse  WKHS.O  also rise between 2.5% and 10.9% 
    ** Lordstown Motors  RIDE.O  up 3.4%, Rivian  RIVN.O  up
4.6%
    ** Chinese EV firm Nio Inc  NIO.N  gains 3.1%, while Xpeng
 XPEV.N  falls 1.9%.    
    ** EV charging and battery companies ChargePoint  CHPT.N , 
QuantumScape  QS.N  and Blink Charging  BLNK.O  rise between
4.5% to 6.9% 
    ** TSLA is also nearing a preliminary deal to build
production facilities in Indonesia with a capacity of 1 million
units, Bloomberg News reported on Wednesday, citing people
familiar with the matter
 (Reporting by Shristi Achar A and Shashwat Chauhan in
Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))