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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Nikola Corporation    NKLA

NIKOLA CORPORATION

(NKLA)
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Wall Street closes higher as stimulus talks progress

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09/30/2020 | 04:00pm EDT

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)

NEW YORK, Sept 30 (Reuters) - U.S. stocks closed solidly higher on Wednesday as government leaders continued talks for a new pandemic relief package and positive economic data helped the major indexes end the third quarter in positive territory.

All three major indexes surged after U.S. House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough in partisan stimulus negotiations.

The indexes pared gains after Senate Majority Leader Mitch McConnell warned the sides remain "far apart" in their talks.

"We had the economic news which was pretty good, and continued discussions with Mnuchin and Pelosi drove hopes that we could have stimulus before the election before McConnell threw cold water on it," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

"Volatility has been the watchword all month and I don't think we're out of the woods yet," Nolte added.

Market participants also were digesting Tuesday's contentious presidential debate, where President Donald Trump and Democratic challenger Joe Biden talked over each other and traded insults as they sparred over the COVID-19 pandemic, healthcare and the economy.

A spate of economic data mostly surprised to the upside, with ADP National Employment index blowing past analyst expectations and pending home sales surging to an all-time high.

The major indexes wrapped up September with their first monthly declines since March, when mandated shutdowns slammed the economy. But they posted gains for the third quarter and their largest two-quarter winning streaks in years.

Unofficially, the Dow Jones Industrial Average rose 393.25 points, or 1.43%, to 27,845.91, the S&P 500 gained 34.76 points, or 1.04%, to 3,370.23 and the Nasdaq Composite added 105.49 points, or 0.95%, to 11,190.74.

Nikola Corp stock soared after Chief Executive Mark Russell said he was close to a deal with an energy partner and defended the company against a short-seller's fraud allegations.

Micron Technology Inc said it has not yet obtained new licenses needed to sell memory chips to China's Huawei Technologies Co Ltd, sending its shares lower.

Duke Energy Corp stock jumped after the Wall Street Journal said the company had been approached by peer NextEra Energy Inc regarding a possible takeover. (Reporting by Stephen Culp; Editing by David Gregorio)


Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.83% 3235.54 Delayed Quote.77.11%
DJ INDUSTRIAL -0.18% 28517.26 Delayed Quote.0.24%
MICRON TECHNOLOGY, INC. -0.28% 51.41 Delayed Quote.-4.04%
NASDAQ 100 -0.35% 11789.80383 Delayed Quote.35.72%
NASDAQ COMP. -0.16% 11634.819769 Delayed Quote.30.08%
NIKOLA CORPORATION 5.34% 20.5901 Delayed Quote.89.39%
S&P 500 -0.27% 3469.97 Delayed Quote.7.83%
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Financials (USD)
Sales 2020 0,13 M - -
Net income 2020 -417 M - -
Net cash 2020 519 M - -
P/E ratio 2020 -17,6x
Yield 2020 -
Capitalization 7 407 M 7 407 M -
EV / Sales 2020 51 871x
EV / Sales 2021 84,6x
Nbr of Employees 256
Free-Float 37,5%
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Technical analysis trends NIKOLA CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 42,00 $
Last Close Price 19,55 $
Spread / Highest target 304%
Spread / Average Target 115%
Spread / Lowest Target -23,3%
EPS Revisions
Managers
NameTitle
Mark A. Russell President, Chief Executive Officer & Director
Stephen J. Girsky Chairman
Kim J. Brady Chief Financial Officer & Director
Dane Davis Chief Technology Officer
Isaac Sloan Chief Information Officer & Software Architect
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