Nio stock is down 1.7% to begin the week and is trading near $18.92 at the end of Monday’s first hour of the regular session. Shares have richoted between $18.78 and $19.50 so far in the session. The stock is down in line with the Nasdaq but also due to weakness among Chinese equities.
The CEO and CFO of embattled real estate giant Evergrande Group resigned, and the Chinese government announced new controversial policies to deal with the flailing real estate sector. About 4,000 contracts for the $18 put strike price expiring this Friday have exchanged hands this morning. The last price for the put contract was $0.36 per share.
Nio saw its stock tumble on Friday, leading the Chinese EV maker to post an 8.2% loss for the trading week. Shares of Nio tanked by 6.96 and closed the trading session at $19.24, as the stock fell below the key $20.00 price level.
After markets rallied earlier in the week, Friday’s sell off looks like it was indeed just another bear market rally. All three major indices closed lower on Friday, with the Dow Jones sinking by 137 basis points, the S&P 500 was down by 0.93%, and the NASDAQ posted a loss of 1.87% during the session.
Read Also- Tesla Stock Gains After Q2 Earnings Beat
