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US markets closed red; Nio tanked 6% on Q4 forecast; PayPal tumbled 10% on Q4 forecast.

  • The Nasdaq fell 0.6% to close Tuesday’s session at 15,887 points.
  • Nio tanked 6% on Q3 results and Q4 forecast falling well below estimates.
  • PayPal also tumbled over 10% after releasing forecasts short of estimates.

The US markets retreated from record highs on Tuesday to close the session lower as a number of companies released disappointing quarterly earnings results.

The Dow Jones fell 0.31% to finish the trading day down 112 points to close at 36,320 points .

The tech heavy NASDAQ fell 0.6% to finish the trading day down 96 points to close at 15,887 points.

One bitcoin is worth US$67,177 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 73.78 US cents.

China-based EV manufacturer Nio tanked just under 6% on Tuesday after reporting third-quarter results. For the period, Nio posted an EPS loss of 6 cents/share well exceeding analysts expectations of an EPS loss of 15 cents/share, revenue growth of 117% to US$1.52bn and Nio delivered 24,439 vehicles, more than double that of the same period a year earlier. Investors sold out of Nio shares as the EV manufacturer shared a Q4 forecast of expectations to deliver 23,500-25,500 vehicles, and revenue of US$1.45bn – US$1.57bn.

Shares in PayPal tumbled more than 10% in the fintech company’s worst session in 20-months after releasing third-quarter results. For the period, PayPal reported a 13% increase in revenue to US$6.18bn. and adjusted EPS of US$1.11/share and total payment volume rose 26% to US$310bn. Investors sold out of PayPal shares after the company released forecast for Q4 of EPS at US$1.12/share on net revenue between US$6.85bn – US$6.95bn, well short of analysts estimates.

And meme-turned real-life product, the Xbox mini-fridge, is being restocked after the game-consoles’ complimentary product sold out immediately online.

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