Why TuSimple Stock Was Flying 28% Higher Today
Shares of autonomous trucking tech start-up TuSimple Holdings (NASDAQ: TSP) were on fire today, jumping a staggering 27.8% as of 1:40 p.m. EDT. The stock started to reverse course on Aug. 16 after a precipitous decline, and there's just been no stopping it. The stock is now up a jaw-dropping 62% since.
There was no news at all from or about TuSimple today, so what set the stock on fire? Four things, I'd say: a short squeeze, investor perception, a driver crunch in the trucking industry, and China.
Let's start with the last. After greater scrutiny from regulatory authorities that led to nerve-racking volatility in Chinese stocks in recent weeks, CNBC reported today that China could finally slow down its pace of new regulations now that it has passed a data protection law. For now, that seems to have abated fears about Chinese stocks. Although TuSimple primarily operates in the U.S., it has operations in China and considers the nation a key growth region.
Source Fool.com
