Why XPeng and Petco Were Wednesday's Winning Stocks
The stock market got off to a slow start on Wednesday morning, as many market participants were looking forward to comments from Federal Reserve chair Jerome Powell about the central bank's likely course of future monetary policy. Major market benchmarks opened close to where they finished the previous day on Tuesday, with some indexes seeing modest gains.
Despite the quiet open, however, some stocks shot higher. XPeng (NYSE: XPEV) has gotten a lot of attention in the electric vehicle (EV) industry in China, and its latest financial report was positive enough to send its stock sharply higher. Meanwhile, pet lovers continue to help bolster the business prospects of Petco Health and Wellness (NASDAQ: WOOF), with investors looking forward to what they hope will be better stock price performance in 2023.
Shares of XPeng opened higher by 15% on Wednesday morning. The Chinese EV manufacturer faced some struggles during the third quarter, but investors seemed to anticipate better times ahead.
Source Fool.com
