Stocks On The Move: KPRX, DOC, NIO
2:41 pm Thursday, August 25th, 2022
Kiora Pharmaceuticals (NASDAQ:KPRX) stock is rocketing higher on Thursday despite a lack of news from the ophthalmic specialty pharmaceutical company. Even without any news, shares of KPRX stock are seeing incredibly heavy trading today. As of this writing, more than 214 million shares of the company’s stock have changed hands. That’s a massive increase when compared to its daily average trading volume of about 2.7 million shares.
In a year where little has gone right for telehealth firm Teladoc Health (NYSE:TDOC), a rival exiting the space gave some hope for TDOC stock, which moved up on Thursday morning. In an internal memo, Amazon (NASDAQ:AMZN) announced that it will shut down its telehealth service, Amazon Care. While Teladoc shareholders have reason to smile today, the underlying business faces severe challenges. According to a CNBC report, Amazon will shutter its telehealth arm on Dec. 31. According to a company email, management decided that it wasn’t “the right long-term solution for our enterprise customers.” Further, Amazon Health Services lead Neil Lindsay provided clarifying information. “Although our enrolled members have loved many aspects of Amazon Care, it is not a complete enough offering for the large enterprise customers we have been targeting, and wasn’t going to work long-term.”
This has been an excellent day for Nio (NYSE:NIO) so far. The Chinese electric vehicle (EV) producer had spent the week on a volatile, downward trajectory. Today has brought good news from China’s government, though, boosting many Chinese stocks. Chinese companies that trade on U.S. indexes have been performing particularly well today after news broke that China and the U.S. may be about to resolve a longstanding dispute over auditing practices. Additionally, China’s State Council has announced plans for a new stimulus package, worth roughly $117 billion, to help stimulate economic growth. NIO stock is up about 7% for the day as Chinese companies enjoy their highest rally since April. Its rival, Li Auto (NASDAQ:LI) has risen about 4%.
