Wall Street’s main stock indexes dropped in what appeared to be some profit-taking after Monday’s big rally.
The tech-heavy Nasdaq Composite Index declined 1.1% and the S&P 500 Index retreated 0.4%. The Dow Jones Industrial Average depreciated 0.2%.
Shares of Nio Inc tanked 12% as the Chinese electric vehicle (EV) maker reported a larger 4Q loss than analysts had forecasted and monthly EV deliveries fell in February on a month-on-month basis. Nio incurred an adjusted loss per share of $0.14, wider than analysts’ estimates of a loss per share of $0.07. Revenues in 4Q surged 133.2% to $1.02 billion year-on-year and surpassed the Street consensus of $1.01 billion.
Another EV stock hit today was XPeng. Shares sank more than 10% after the Chinese EV maker reported that deliveries in February dropped to 2,223 due to the week-long Chinese New Year holiday. That’s after the vehicle maker handed over a record 6,015 EVs in January. “February deliveries reflect the anticipated seasonal decline in deliveries due to the slowdown in the week-long Chinese New Year holiday. The company is witnessing robust customer demand as sales and delivery activities resumed after the holiday,” XPeng stated.
In earnings news, Switch Inc. stock plunged more than 13% as the telecommunications company forecasted 2021 revenues that came in below consensus estimates. The company forecasted 2021 revenues in the range of $540-$555 million, below analysts’ expectations of $572 million. Notably, the company expects revenues to grow in the second half of the year. Meanwhile, Switch reported mixed 4Q results. Fourth-quarter earnings of $0.06 per share rose 50% year-over-year and beat the Street’s estimates of $0.05 per share, reflecting higher adjusted EBITDA. Revenues of $127.7 million missed analysts’ expectations of $131.3 million, but grew 6% year-over-year amid strong demand for enterprise hybrid cloud solutions.
3D Systems sank almost 19% as the digital printing manufacturer’s 4Q profit missed the Street consensus. 3D Systems posted adjusted earnings of $0.09 per share, which were up 80% year-over-year, but fell short of analysts’ expectations of $0.10 per share. Revenue increased 2.6% year-over-year and 26.8% sequentially to hit $172.7 million, topping analysts’ estimates by $0.91 million. 3D Systems said it continued to see a rebound in customer activity. Sales from the company’s healthcare segment recorded 48% year-over-year growth in 4Q driven by higher sales in dental and medical applications.
Meanwhile, Repay Holdings spiked almost 11% after the payment solutions provider reported better-than-expected 4Q results. Repay’s adjusted earnings of $0.17 per share beat analysts’ expectations of $0.11 but declined 15% year-over-year. 4Q revenues increased 23% and stood at $41.4 million. Analysts were expecting revenues of $38.7 million. For 2021, the company expects to generate revenues in the range of $178-$188 million, while analysts anticipate revenues of $185.5 million.
In corona updates, Biocept entered into a supply agreement with Aegea Biotechnologies for a new PCR-based Covid-19 assay kit. Under the terms of the agreement, Aegea will provide the assay kit to Biocept for validation at its molecular lab and subsequent commercialization of a laboratory developed test. Financial details of the deal were not disclosed. Biocept is a molecular diagnostic assay provider, while Aegea is focused on developing next-generation nucleic acid technologies. Biocept shares dropped 4.2%.
