Stock Price Movement of Nio, Veru, and more Companies

Nio Stocks Plummeted by 8.4%

The share prices of Nio have experienced a huge dip in the premarket action. The share prices for the electric vehicle company have drowned after it made an announcement in regards to its production suspension.

Nio officials have announced that they have suspended the production of electric cars. They revealed that it is due to the COVID-19 issues that have resulted in supply chain disruptions. As a result, they had to suspend the production of electric vehicles.

Veru Shares Skyrocketed by 24.8%

The share prices for Veru have experienced a huge elevation in premarket trading. The share prices for the drugmaker experienced a surge after the officials shared extremely positive remarks about their drug for the COVID-19 treatment.

The officials at Veru had revealed that they were working on an experimental drug for patients affected by the coronavirus. They revealed that their drugs have turned out to be extremely efficient for the patients affected by COVID-19.

The officials have revealed that they will soon submit an authorization request for the medicine at the Food and Drug Administration department. If approved, they will start rolling out the medicine to all the hospitals on an emergency basis.

Following the announcement, the share prices for Veru ended up experiencing a 24.8% surge.

Twitter Shares Dipped by 1.5%

The share prices for Twitter have experienced a 1.5% surge in premarket trading. The share prices for the social media platform experienced a dip after Elon Musk made an announcement in regards to his connection with Twitter.

Initially, it was rumored that after acquiring a 9.2% stake in Twitter, Elon Musk would join the board of directors at Twitter. However, Elon Musk shut down all the rumors by confirming that he will not be becoming part of the board at Twitter.

Although the inside sources did confirm that Elon Musk was ready to come on board but the recent announcement has raised many concerns among the market observers. As of now, there is no confirmation as to why Elon Musk made the decision but neither side has made any comment about the recent developments.

Shopify Shares Surged by 1.1%

The share prices for Shopify experienced a 1.1% dip in post-market trading. The share prices for the e-commerce platform experienced a dip after its executives talked about splitting the stocks for the company. They proposed that the stock for Shopify be split at a 10 for 1 ratio.

Furthermore, the executives also announced that they will soon be creating a share, naming it “founder share”. As a result, the voting power of Tobi Lutke would be increased by 6%. Tobi Lutke is the chief executive officer at Shopify and following the change, Lutke’s voting power has increased from 34% to 40%.