NIO Inc. (NYSE: NIO), an electric vehicle manufacturer, reported a second-quarter 2023 loss of $(0.45) per American depositary share, falling short of the consensus estimate loss of $(0.36) per share. The company's quarterly sales amounted to $1.21 billion, slightly below analysts' projected revenue of $1.35 billion for the period.

$NIO was trading at $10.64 in pre-market, down $0.38 (-3.45%).

In other news, 3M Company (NYSE: MMM) said that it has reached an agreement with plaintiffs' counsel to resolve the Combat Arms Earplug litigation against Aearo Technologies and 3M. The agreement involves a total contribution of $6.0 billion, allocated between cash ($5.0 billion) and 3M common stock ($1.0 billion), scheduled to be paid from 2023 to 2029. 

The structured agreement is designed to address all claims associated with Combat Arms Earplug products, including those in multi-district litigation in Florida and coordinated state court action in Minnesota, as well as potential future claims. While not admitting liability, 3M remains prepared to defend itself in the litigation if agreed settlement terms are not met.

In pre-market, $MMM was trading at $104.90, up $0.78 (+0.75%) following the announcement

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)