Something wild is happening to Tesla's stock. Skeptics say it's a bubble about to pop — while some bulls think shares, currently at $887, could hit $1,000 before the run is done.
What is clear is that Tesla has been the beneficiary of a massive rally:
- The electric carmaker's stock has skyrocketed 36% in the past two days.
- Shares have doubled in price this year.
- And, perhaps most shockingly, they're up more than 395% since the company's most recent low in June.
Compare that performance to Ford, which reported a disappointing set of results after US markets closed Tuesday. Shares are down 8% in premarket trading.
Why Ford is down: The company's fourth quarter loss essentially wiped out its profit for 2019, and its guidance for 2020 was disappointing. The company is still working through its expensive $11 billion turnaround effort while dealing with a tough global environment for auto sales and higher warranty costs.
Why Tesla is up: Investors have been on a tear since Tesla reported its first annual profit last week, betting on future growth powered in part by the company's new plant in Shanghai. The move higher could also be getting some juice from short sellers who are trying to cover their losses, as well as battery maker Panasonic's positive remarks on the state of its Tesla partnership.
https://www.cnn.com/business/live-news/stock-market-news-today-020520/index.html
2020-02-05 14:49:00Z
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