Verizon Communications Inc
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Communication Services : Diversified Telecommunication Services | Large Cap Value
Company profile

Verizon Communications Inc. is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses, and governmental agencies. Its reportable segments are Verizon Consumer Group and Verizon Business Group. Its Consumer segment provides wireless and wireline communications services. Its wireless services are provided across wireless networks in the United States (U.S.) under the Verizon brand. Its wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over its fiber-optic network under the Fios brand and over a traditional copper-based network. Its Business segment provides wireless and wireline communications services and products, including data, video and conferencing services, security and managed network services, local and long-distance voice services and network access to deliver various Internet of Things services and products.


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Nio stock charges up after deliveries beat by wide margin less than a week after estimates were cut

9:44 am ET January 3, 2023 (MarketWatch)

By Tomi Kilgore

Nio, Li Auto reported record deliveries just days after providing guidance, but Tesla missed expectations

The U.S.-listed shares of Nio Inc. surged Tuesday, after the China-based electric vehicle maker reported fourth-quarter deliveries that rose well above the estimate that was provided less than a week before.

Li Auto Inc.'s stock (LI) also surged, after the Nio rival reported December deliveries that beat guidance provided just a day before, while Tesla Inc. shares (TSLA) dropped after disappointing delivery results.

Nio's stock (NIO) climbed 5.7% in morning trading. The stock had tumbled 38.2% in the fourth quarter, marking the worst quarterly performance since the third quarter of 2019. It also plunged 69.2% in 2022 -- the biggest yearly selloff since going public in September 2018.

The company reported early on Jan. 1 that it delivered a monthly record of 15,815 vehicles in December, up 50.8% from a year ago. Nio also delivered 40,052 vehicles in the fourth quarter, a quarterly record and up 60.0% from last year.

On Dec. 27, Nio had sparked a selloff in EV-maker stocks after the company said it was "prudently" cutting its delivery estimate due to COVID-related production challenges and supply chain issues. The company said then that it expected to report fourth-quarter deliveries of 38,500 to 39,500, which implied December deliveries of 14,263 to 15,263.

Nio also said it delivered 122,486 vehicles in 2022, up 34.0% from 2021.

Li Auto's stock shot up 6.3% Tuesday morning, after running up 4.7% on Friday.

The company reported late on Dec. 31 that it delivered a monthly record 21,233 vehicles in December, up 50.7% from a year ago. That brought its fourth-quarter deliveries to 46,319, up 31.5% from last year, and its 2022 deliveries to 133,246, up 47.2% from 2021.

On Friday, the company said December deliveries "will exceed 20,000 vehicles," well above the previous monthly record of 15,034 vehicles delivered in November.

XPeng Inc.'s U.S.-listed stock (XPEV) climbed 8.1% early Tuesday, after rising 5.9% the past two days, even though it reported monthly and quarter deliveries that fell sharply from a year ago.

The EV maker reported late Saturday that it delivered 11,292 vehicles in December, down 19.8% from the 14,087 vehicles delivered in December 2021, while fourth-quarter deliveries of 22,204 was down 37.0% from 35,221 a year ago. Meanwhile, 2022 deliveries of 120,757 was up 33.4% from a year ago.

Li Auto's stock, which went public in July 2020, slumped 36.5% in 2022, and XPeng shares, which debuted in August 2020, shed 80.3% in 2022. In comparison, the iShares China Large-Cap exchange-traded fund (FXI) had slid 22.6% in 2022 and the S&P 500 index had lost 19.4%.

Shares of Texas-based EV maker Tesla, which generated about 24% of its third-quarter revenue from China, slumped 6.7% in morning trading Tuesday, after the company reported over the weekend fourth-quarter deliveries that rose from a year ago but missed expectations.

The selloff comes after Tesla's stock suffered a record quarterly selloff of 53.6% in the fourth quarter, and a record yearly drop of 65.0% in 2022.

-Tomi Kilgore


(END) Dow Jones Newswires

January 03, 2023 09:44 ET (14:44 GMT)

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