NIO Inc. (NIO) – A play on electric vehicles in China. NIO warned it may experience a challenging first half of 2023 amid a cut to subsidies in the China market. Shares were down about 5% Tuesday morning. NIO’s peers in the Chinese electric vehicle include XPeng (XPEV), Li Auto (LI) and Tesla (TSLA).
Devon Energy (DVN) – A play on a notable support level for the stock. Shares were stuck in a range between $60 and $80 since September. The stock recently rebounded off the $60 level.
IMAX (IMAX) – A play on the success of Avatar: The Way of Water. The movie drove about $855 million in cumulative box-office sales as of Sunday.
Virgin Galactic (SPCE) – A play on space. Analysts at Morgan Stanley Tuesday morning highlighted a recent trend of M&A in the space industry. The analysts noted recent deals for Maxar Technologies (MAXR) and Aerojet Rocketdyne (AJRD) underscored “the attractiveness of the space endmarket.”
Camber Energy (CEI) – A penny-stock, low-float play on energy. Shares of this known momentum play were up about 17% Tuesday morning following an update from Camber related to its recent M&A activity.