Nio, the Chinese manufacturer of electric vehicles, experienced a 2% increase in its shares listed in the U.S. after revealing a cash injection amounting to 13.3 billion yuan for its Nio China operations. The expected transactions, to be finalized by the end of the year, will lower Nio Inc.’s ownership in Nio China from 92.1% to 88.3%. Conversely, Stellantis’ stock plummeted almost 13%, reaching a new 52-week low due to the automaker’s warning regarding profits for the full year.
The firm attributed this warning to a worsening “global industry backdrop” and escalating competition emerging from China. Other car manufacturers, such as GM and Ford, also faced declines in their stock prices, dropping nearly 4% and over 2%, respectively. Meanwhile, shares of CVS Health soared by 2% following reports that hedge fund Glenview Capital plans to engage with the company’s leadership team to revitalize its struggling business.
Cash infusion boosts Nio’s share price
Sources indicate that Glenview Capital has built a significant stake in CVS Health. On the other hand, EchoStar, a provider of satellite communications, experienced an 11% downturn in its stock value after DirecTV announced its purchase of EchoStar’s satellite TV division on Monday.
This acquisition includes Dish TV and concludes a series of lengthy negotiations between the two distributors. Additionally, shares of Moderna rose by over 1% following the biotech firm’s announcement of administering the initial dose in its phase three trial for a prospective vaccine against norovirus. In contrast, Universal Health Services saw a dip of less than 1% after a jury awarded $300 million to women who accused a former physician at Cumberland Hospital for Children and Adolescents of sexual misconduct.
An 8-K filing indicates that Cumberland Hospital for Children and Adolescents operates as an “indirect subsidiary” of Universal Health Services.
