Friday, June 30, 2023

This one Factor is Driving US EV Stocks

Trade of the Day Wake-Up Watchlist

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see US futures edged higher on Friday. Investors are bidding up stocks in what's been the best first half of the year since 2019. Stronger-than-expected weekly jobless claims continued to show a robust labor market, and better-than-forecast first quarter GDP indicated solid growth that likely carried into the second quarter.

We've been feasting on this positive market sentiment in The War Room this week. In just four days, we closed 16 winning trades, including 5 winners yesterday alone.

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Here's a look at the top-moving stocks this morning.

XPeng Inc. (NYSE: XPEV)

XPeng Inc. is up 7.44% premarket as China EV sales are poised to jump in June. XPeng sold 7,506 EV's in May and 7,079 in April. The startup currently has guidance for Q2 deliveries set at 21,000-22,000, up from 18,230 in Q1. It also released its new G6 SUV, which launched today and saw more than 25,000 orders within 72 hours of presales.

The Chinese EV market is poised to become massive in the near future, but investing in China's stock market can be risky. That's why our Head Fundamental Tactician Karim Rahemtulla has a special way to play the Chinese EV market. Insiders are already buying up this stock and its seen a 7.9% return over the past month.

Click here to see how Karim is playing the China EV market.

 

Rivian Automotive (Nasdaq: RIVN)

Rivian Automotive is up 0.44% premarket as the electric vehicle industry is continuing to see a rise based on a new charging standard. The EV pickup truck maker Rivian Automotive recently signed on to that standard, and its shares closed 9% higher in afterhours trading.

 

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Apple (Nasdaq: APPL)

Apple is up 0.75% premarket after the stock was initiated at Buy by analysts at Citi. Late Thursday, Citigroup analyst Atif Malik gave APPL stock a 240 price target, which was the highest on Wall Street and a 27% upside to Thursday's close. He cited higher gross margins and iPhone market share from Android headsets as the reason for his upgrade. Overall, the iPhone maker is approaching a $3 trillion market cap.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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