Talk about electrified.
Shares of electric car maker Tesla spiked 6% Tuesday, nearly hitting a new high, on heavy trading volume.
Tesla generated a lot of buzz last month after CEO Elon Musk tweeted about a game changing announcement.
Really exciting @teslamotors announcement coming on Thursday. Am going to put my money where my mouth is in v major way.
— Elon Musk (@elonmusk) March 25, 2013
The news (which hit the airwaves last week)? Allowing buyers to purchase the Tesla Model S plug-in without making a large down payment, and with the ability to sell it back at a guaranteed value after three years.
The reaction? A big dud, with shares falling more than 7%.
Still, it's not like Tesla's stock is suffering. Shares are up more than 28% this year. And let's be honest. The company isn't doing too poorly either.
Earlier this month, Tesla said it expected to announce its first quarterly profit ever when it reports earnings next month. Sales of the Model S are expected to be a big driver.
While there may not be any tangible news behind Tuesday's surge, StockTwits traders had plenty to say.
You said it howardlindzon. Not only is Tesla poised to report its first profit, it's trying to making some new moves in Texas.
CEO Elon Musk was recently making the rounds in the Lone Star State to make a case for selling cars directly to consumers. Tesla has galleries in Austin and Houston but no franchise dealerships.
Not entirely sure if chicagosean was referring to the stock but given the 28% run this year, I'm with ivanhoff.
Just take a look at how the stock has done since 2011.... shares have rallied almost 70%.
Good point smarterthanyou (and nice handle too). Shorts coming in to cover could be part of the reason behind Tuesday's spike. (Short sellers borrow shares with plans to sell when the stock goes down.)
But it doesn't explain the longer term gains. I think there are still some good fundamentals driving Tesla forward.
Zillow's stock fell sharply Tuesday following the disclosure of previous correspondence between the company and the Securities and Exchange Commission regarding questions about the company's sales.
Shares of Zillow (Z), the real estate website, dropped as much as 10.2% in early trading, the biggest one-day decline since November, before trimming some of the losses. By the afternoon, Zillow was down about 4%.
The stock first began to fall after some written exchanges from August MOREHibah Yousuf - Oct 2, 2012 1:51 PM ET
Trulia Inc., the company behind real estate website Trulia.com, filed for an initial public offering that is expected to raise as much as $75 million, though the company did not specify how many shares it plans to sell or how they will be priced.
Earlier in the summer, Trulia filed for a so-called confidential IPO thanks to the Jumpstart Our Business Startups, or JOBS Act, which was signed into law in April.
The law allows "emerging MOREHibah Yousuf - Aug 17, 2012 10:39 AM ET
|Why sponsors are breaking up with the Olympics|
|Old pickup trucks are hot collectibles|
|Painkiller that once cost $138 is now $2,979|
|David Glasser, top executive at Weinstein Company, fired from post|
|McDonald's is taking cheeseburgers out of the Happy Meal|