Benzinga | Dec 23, 2020 08:22AM EST

Benzinga Pro's Top 5 Stocks To Watch For Wednesday, Dec. 23, 2020: NKLA, XL, PSTH, DM, MOGO

Today's 5 Stock Ideas:

* Nikola (NKLA) - Shares fell 5% Wednesday morning following news a collaboration deal with Republic Services (RSG) for electric refuse trucks was terminated.

* XL Fleet (XL) - A play on a recently-completed special purpose acquisition corporation (SPAC) deal with Pivotal Investment. XL is a provider of vehicle electrification solutions for commercial and municipal fleets.

* Pershing Square Tontine (PSTH) - Hedge fund manager Bill Ackman's SPAC. The issue was discussed by Benzinga's Hot Stocks Luke on Tuesday's ZingerNation mid-day show. Luke considered exiting the position as merger deals with Stripe, Robinhood and Coinbase have fallen through. The latest indication for a potential merger partner was Bloomberg, but Luke wasn't too convinced by that notion.

* Desktop Metals (DM) - A play on 3D printing. The company's Studio System solution is an office metal 3D printing system.

* Mogo (MOGO) - A play on bitcoin. The stock was up 22% ahead of the open Wednesday following news the company will make an initial $1.5 million investment in bitcoin and will consider further investments in 2021.