|Day's range||377.75 - 377.75|
Stock futures opened slightly lower Monday evening following another strong session of gains earlier in the day.
The day's jump increased Tesla's stock market value by $30 billion (24 billion pounds), eclipsing the entire value of Ford Motor Co , currently at $25 billion. JMP Securities increased its price target to $1,500 from $1,050 after Tesla on Thursday reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy. "We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company's growth and competitive position signal about the stock's potential for the next several years," JMP Securities analyst Joseph Osha wrote in a client note.
Shares of electric-car maker Tesla (NASDAQ: TSLA) rocketed 29.3% in June, propelling the company's stock price above $1,000 a share for the first time ever, according to data from S&P Global Market Intelligence. Tesla's 2020 performance represents a head-spinning turnaround from 2018, when the stock price basically went nowhere, and 2019, when its share price plummeted below $200 a share in May and spent most of the rest of the year climbing out of the hole. On June 8, news broke that the Chinese version of Tesla's Model 3 -- which is manufactured in Shanghai -- saw record-breaking sales in May.
Tesla is now the most valuable car maker “of all time”. And with combined market caps of some $70 billion, Uber and Lyft are also severely disrupting the giant auto industry
The stock market enjoyed a big bull market on Monday, and the Nasdaq helped lead the way. The Nasdaq Composite (NASDAQINDEX: ^IXIC) index climbed more than 2%, and the Nasdaq 100's gains amounted to 2.5% by the end of the day. The name of the game for Nasdaq investors in 2020 has been momentum, as winning stocks have tended to keep winning.
(Bloomberg) -- Remember when Tesla Inc.’s market value surpassed General Motors Co.? That was just in October, though investors can’t be blamed for thinking it was a lifetime ago.The electric vehicle maker’s valuation has added the combined value of the Detroit Three -- GM, Ford Motor Co. and Fiat Chrysler -- in just five trading days through Monday. Tesla has grown by an average $14 billion on each of those days.Tesla shares have been on a searing rally this year, recovering spectacularly from a steep pandemic-related sell-off, helped most recently by second-quarter delivery numbers that exceeded estimates. In the past week, the company has roughly gained the value of Fiat Chrysler Automobiles NV every single day.While skeptics have said the stock’s current pace is detaching from reality and being fueled by the “power of the narrative,” believers abound.“There is definitely a significant retail component that is driving shares higher,” Wedbush Securities analyst Daniel Ives said in an interview, referring to individual investors trading on platforms such as Robinhood.Still, a lot of big institutional investors now also want a piece of Tesla and the electric vehicle market, he said. “In a Covid-19 pandemic and a dark macro environment, the company just put up a 90,000 delivery number, especially when other automakers are seeing herculean challenges.”Tesla said July 2 it delivered 90,650 cars in the second quarter, which compared with analysts’ average estimate for about 83,000 units.The eagerness of big money to get into Tesla was also noted by Roth Capital Partners’ Craig Irwin, who said the company’s valuation was being driven by fund managers who have Tesla grouped with Netflix Inc., Amazon.com Inc., Facebook Inc. and the like, and were valuing it as a large-cap growth stock.“Those managers do not understand that this is not a winner-takes-all industry that those other names are,” Irwin said, noting that there are more than 180 electric cars that are slated to come out by 2025. “There have been some duds along the way, but you can be sure there will be some winners in those 180.”Tesla shares have gained at least 5% in four out of five sessions through Monday. While it may not be unusual for a company that has had one-day 20% gains twice in its history, the surge shows a consistency that wasn’t seen before. It’s the first time the stock has posted four out of five sessions with gains of such magnitude.The latest rally has brought Tesla’s gains this year to $170 billion, an amount that exceeds the market capitalization of all but 30 companies in the S&P 500.“Tesla’s valuation doesn’t make sense by any traditional measure,” said Ivan Feinseth of Tigress Financial Partners. However, “it is not a traditional company, so how do you put a traditional measure to it?”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
We entered into the third quarter last week and clean energy stocks and ETFs stood out again.
Tesla's recently reported better-than-expected delivery total in the second quarter has one analyst revisiting his expectations for the growth stock. Tesla's robust second-quarter deliveries were notable since they occurred during a quarter in which the company's main U.S. factory was shut down for the first half of the quarter. Furthermore, with more than 193,000 vehicles delivered during the first half of the year and production of the company's new Model Y ramping up, Tesla now has a shot at achieving its pre-coronavirus 2020 outlook for more than 500,000 vehicles this year.
The Zacks Analyst Blog Highlights: Tesla, NVIDIA, Amazon.com, T-Mobile US and Eli Lilly
(Bloomberg) -- Shares of Tesla Inc. rose as much as 6.3% Monday after three analysts lifted the electric-car maker’s price target, including JMP Securities by 43%.The boost to $1,500 from $1,050 comes after the Palo Alto-based company delivered more Model 3 and Model Y vehicles in the second quarter than JMP expected, analyst Joseph Osha said in a note.“Our target is now based on our belief that TSLA is positioned to become a $100 billion company” by 2025, in terms of revenue, Osha said. At the end of last year, Tesla had $24.6 billion in revenue.While data for deliveries in China haven’t yet been released, the firm appears to have been more successful in the U.S. and Europe than JMP thought, Osha said. NIO Inc., Tesla’s Shanghai-based rival, has been gaining ground. The company’s U.S.-traded shares rose as much as 23% Monday.Deutsche Bank analyst Emmanuel Rosner also raised Tesla’s price target to $1,000 from $900, referencing the stronger-than-expected vehicle shipments.Even bearish analyst Ryan Brinkman at JPMorgan boosted his price target by $20 to $295 and expects a second-quarter loss that’s smaller than he previously estimated. He maintained his sell-equivalent rating, citing the company’s “lofty valuation coupled with higher investor expectations and high execution risk.”TSLA has 9 buys, 11 holds and 16 sell ratings, with an average price target of $730, according to data compiled by Bloomberg.(Adds JPMorgan raising target in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Zacks.com featured highlights include: Teekay Tankers, Tesla, NextEra Energy, Nice and West Pharmaceutical Services
Companies In The News Are: TSLA, ALK, MRNA, BA.
While General Motors' (GM) defense arm secures contracts worth $223 million to manufacture infantry squad vehicle, Ford (F) ties up with Disney for the launch of its Bronco SUV.
We have presented a bunch of large-cap stocks that more than doubled over the past three months along with double-digit estimated earnings growth for the fiscal year and will continue to outperform heading into the second half.
Uncertainty and panic related to the coronavirus disease 2019 (COVID-19) pandemic completely pulled the rug out from beneath the stock market and ultimately sent the benchmark S&P 500 lower by 34% in a mere 33 days. The recently ended quarter featured the best returns for the broad-market indexes since 1998, with the technology-focused Nasdaq Composite galloping to new all-time highs. Right now, there are five exceptionally popular stocks that investors can't seem to get enough of lately that, frankly, I wouldn't buy with free money.
The stock market plunged into a bear market at the fastest pace in history earlier this year, but since the March lows it's been an impressive rally. June was the third consecutive month of gains in the S&P 500, and the benchmark index is entering the second half of the year 39% higher than it was in late March.
Elon Musk has followed through on a joke to sell short shorts through Tesla's online store, which briefly went offline when the items debuted this weekend. The items are being sold in a limited-edition run, apparently only for the purpose of criticising the electric car-makers' short sellers, at a price which references a puerile internet meme about a sexual position and cannabis consumption. Musk, who recently turned 49, has often criticised short sellers on Twitter and initially suggested that Tesla would sell "fabulous short shorts in radiant red satin with gold trim" in a series of messages mocking the practice.
Musk has often taken umbrage at short-sellers and in 2018 sent a box of shorts to hedge fund owner and Tesla short-seller David Einhorn. The "Short Shorts" on the Tesla shop website feature gold trim and “S3XY” in gold across the back, which also happens to be formed from Tesla model names.
Boston Beer Company, Golden Entertainment, Tesla, Zoom Video and Marriott Vacations highlighted as Zacks Bull and Bear of the Day
(Bloomberg) -- Elon Musk made good on a promise to produce a pair of “short shorts” to mark his triumph against investors who had bet against Tesla Inc., unveiling the item Sunday among the range of branded apparel for sale on the electric-car maker’s online store.A pair of the limited edition satin shorts would cost “Only $69.420” Musk tweeted -- a likely reference to the $420 per share price at which he considered taking the company private in 2018. The Securities and Exchange Commission sued over his tweeting about that ordeal.“Run like the wind or entertain like Liberace with our red satin and gold trim design,” read a blurb describing the shorts, which come in various sizes. “Enjoy exceptional comfort from the closing bell.”Following Musk’s initial tweet, which was “liked” by Twitter users over 41,000 times, Tesla’s online store was temporarily unable to process orders for the item.Musk has repeatedly joked about “short shorts” to short sellers who took positions against Tesla, such as hedge fund manager David Einhorn.Tesla shares have surged 189% this year.Elon Musk Taunts the SEC Amid Surge in Tesla Stock PriceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The carmaker is working with a German biotech that is among the leaders in testing a COVID-19 vaccine.