Shares of XPeng Inc.
sank 9.0% in premarket trading Wednesday, which puts them on track for a bear-market correction. The China-based electric vehicle maker’s stock, which was headed for a third-straight drop, was set to open about 22% below the July 28 11-month high of $23.39. Many on Wall Street define a bear market as a decline of 20% or more from a significant bull-market peak. At the July 28 peak, the stock had skyrocketed 197% since it closed at a six-month low of $7.87 on May 30.
sank 9.0% in premarket trading Wednesday, which puts them on track for a bear-market correction. The China-based electric vehicle maker’s stock, which was headed for a third-straight drop, was set to open about 22% below the July 28 11-month high of $23.39. Many on Wall Street define a bear market as a decline of 20% or more from a significant bull-market peak. At the July 28 peak, the stock had skyrocketed 197% since it closed at a six-month low of $7.87 on May 30.
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