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Canoo stock skyrockets after Walmart orders fleet of electric vehicles

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Yahoo Finance's Julie Hyman discusses why Canoo stock is spiking on Tuesday.

Video Transcript

JULIE HYMAN: All right, we got one more mover to sneak in before we go to break. And that is shares of EV delivery van maker, Canoo. They are spiking quite a bit. Now, this company has been struggling, to be clear. So it is coming from very low levels. I haven't checked the short interest on this one lately, but I suspect it is high. Walmart this morning announced it will buy a fleet of 4,500 electric delivery vehicles from Canoo. And Walmart expects the vehicles will be used by 2023, starting with the area in Dallas, Texas. I mean, you see the stock here has been muddling along [INAUDIBLE]

BRIAN SOZZI: Growing higher, growing higher.

JULIE HYMAN: Yeah, so, eh, coming from a very low base. Year to date, down 36%.