TSLA Largest Shareholder Owns More Than 85 Million NIO Shares
The Chinese electric car-maker is making inroads in the investing community. Telsa’s largest investor, second only to Elon Musk, Baillie Gifford & Co released its SEC Schedule 13-G revealing the Company owned 85.3 million NIO shares (11%) in the Chinese electric-car maker.
NIO is also backed by Chinese Tech Company Tencent.
NIO announced deliveries topped internal estimates for the third quarter. The company announced Monday that it delivered 3,268 ES8s in the third quarter, exceeding the company’s 9%target of approximately 3,000 vehicles.
NIO Chart
The 60-minute chart suggests momentum is being supported by the bulls. Volume surged on Wednesday, October 10, when news leaked about the above ownership data.
We’ll be watching NIO in the coming weeks.
Market Sentiment – Caution Still Warranted
We started the week with a healthy dose of caution. We continue to tiptoe into new positions. Market sentiment and breadth continue to improve as more investors and traders pick up bargains. NFLX knocked the cover off the ball last night while IBM disappointed.
Join us during our LIVESTREAM broadcast during market hours. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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