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Tech-Down-03

US markets mixed; Nio fell 9.4% on Q1 guidance; Honest Company plunged 22.5% on Q4 results

  • The Nasdaq fell 0.16% to close Friday’s session at 14,169 points.
  • Nio fell 9.4% on Q1 vehicle delivery forecast falling short of expectations.
  • The Honest Company lost 22.5% on fourth-quarter results missing expectations.

The US markets closed mixed on Friday as investors continued to digest comments made by Fed chair Jerome Powell regarding the high possibility of raising interest rates at half percentage points moving forward to tackle rising inflation.

The Dow Jones rose 0.4% to finish the trading day up 153 points to close at 34,861 points.

The tech heavy NASDAQ fell 0.16% to finish the trading day down 23 points to close at 14,169 points.

One bitcoin is worth US$46,699 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 75.15 US cents.

Shares in Chinese electric vehicle maker Nio dropped 9.4% on Friday after releasing fourth-quarter results. For the quarter, Nio reported 25,034 vehicles delivered and revenue of RMB9,215.4m (US$1.446bn) which was a 49.3% jump from the PCP. Investors sold out of Nio shares after the EV maker reported a wider net loss in the fourth-quarter of RMB2,143.4m (US$336.4m) and issued a guidance for Q1 of 25,000-26,000 vehicles delivered which fell short of market expectations for 27,958 vehicles to be delivered.

American consumer goods company, The Honest Company, plummeted 22.5% on Friday after releasing mixed fourth-quarter results. The company, founded by actress Jessica Alba, reported a loss of US$0.10/share on revenue of US$80.4m which fell short of analysts’ expectations of a loss of US$0.06/share on revenue of US$84.7m.

And Uber has been granted a two-and-a-half year licence to operate its private hire vehicles in London after previously being denied the licence for not meeting the Transport of London’s standards.

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