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Stocks On The Move: Nikola shares fall amid Trevor Milton allegations

Yahoo Finance's Adam Shapiro breaks down how Nikola and Big Lots are faring today.

Video Transcript

ADAM SHAPIRO: We're going to check some stocks on the move as we head to break. And we want to start with Nikola. The shares are down about 8%. They've been down all morning. This, after new revelations that the former CEO and the founder of Nikola, Trevor Milton, he stepped down last week. He's now denying allegations from two different women that he sexually assaulted them when they were both 15 years old. Again, he denies these incidents, and both of them happened more than 10 years ago.

Again, Milton resigned as CEO September 21. Shares of this stock have been under pressure since Hindenburg Research, the short seller, called them out for their marketing and their claims about the engine. That would be in the motor rather, that would be in the electric truck. Shares are down roughly 55% in just over one month.

Then the shares are up at Big Lots. Up quite well, actually. At the opening bell, they were up 7%. Right now they're up about 3%. This, after they upped their guidance for third quarter earnings. Bruce Thorn, president and CEO, says, quote, "I'm delighted with our continued strong sales performance. Puts us on track to deliver another excellent quarter." Yada, yada, yada. They're getting ready for Christmas. And he said, quote, "our assortment remains well positioned against customer demand. Our Operation North Star initiatives continue to gain traction and early reads on Christmas are very encouraging."