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Added on the 29/10/2016 14:32:21 - Copyright : Reuters EN
On Friday, Tesla climbed as much as 8.4%. That's the 11th straight day of gains as the automaker's massive rally continues into the new year. The billionaire investor Chamath Palihapitiya said Thursday that Tesla's market cap stood to triple from its already lofty levels. Investor Michael Burry told Tesla bulls in a tweet on Thursday that they should enjoy the rally "while it lasts."
Tesla's recently announced plan to sell up to $5 billion in shares. Wedbush analyst Dan Ives said this is "the smart move at the right time" for CEO Elon Musk and the rest of the company. On Tuesday, Tesla revealed it will offer shares "from time to time" with 10 banks serving as sales agents. The announcement comes as Tesla stock sits 667% higher year-to-date. The massive rally allows Tesla to "build up its treasure chest and capital-expenditure capabilities" while shares sit near record highs, Ives said. Business Insider reports that Tesla dipped as much as 1.7% in early trading on the news.
On Thursday, Tesla's strong third-quarter earnings sent its stock price up as much as 5.5% on Thursday. The electric-car maker delivered nearly 140,000 vehicles last quarter. That fueled record operating income of $809 million and free cash flow of $1.4 billion. Tesla wants to deliver half-a-million vehicles this year. That would require requiring them to produce about 181,000 cars this quarter. The automaker's stock price has gone up more than fivefold this year. According to Business Insider the company has a bigger market cap than Johnson & Johnson, Procter & Gamble, or JPMorgan Chase.
Panasonic will no longer be working with Tesla on their solar energy products in New York.
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