Nio, the Chinese electric vehicle maker, saw its U.S.-listed shares climb 2% after announcing a 13.3 billion yuan cash injection for its Nio China business. The transactions, expected to be completed by year-end, will reduce Nio Inc.’s stake in Nio China from 92.1% to 88.3%. Stellantis stock fell nearly 13%, hitting a new 52-week low, following the automaker’s full-year profit warning.
The company pointed to a deteriorating “global industry backdrop” and increasing competition from China. Fellow automakers GM and Ford also moved lower in sympathy, falling nearly 4% and more than 2%, respectively. Shares of CVS Health jumped 2% on news that hedge fund Glenview Capital intends to meet with the company’s executives to boost the struggling business.
Nio’s cash boost lifts shares
People familiar with the matter said Glenview Capital has established a sizable position in CVS Health. EchoStar, a satellite communications company, saw its stock decline 11% after DirecTV agreed to buy EchoStar’s satellite television business on Monday.
This includes Dish TV and resolves the two distributors’ decades of on-again and off-again talks. Moderna shares added more than 1% after the biotech company announced it had given the first dose in its phase three trial of a prospective norovirus vaccine. Universal Health Services shares fell less than 1% after a jury awarded $300 million to women who accused a former doctor at Cumberland Hospital for Children and Adolescents of sexual abuse.
According to an 8-K filing, Cumberland Hospital for Children and Adolescents is an “indirect subsidiary” of Universal Health Services.
