The Daily Times Newspaper

Record Number of Sales Boosts Tesla Stock on Wall Street


Tesla stock was a striking winner at the opening of trading in New York on Monday. This weekend, the carmaker announced that a record number of 241,300 cars had been delivered in the third quarter.


This meant an annual increase of 71 percent, although the impact of the corona crisis must be taken into account. Investors also appreciated the announcement and put the stock just under 3 percent higher.

Tesla’s stock has appreciated nearly 40 percent since its lows in March this year. However, Tesla’s new price hike is causing headaches for investors who have bet on a fall in the automaker’s price, so-called “going short”. According to experts, 1.1 percent of tradable shares is the lowest percentage since the IPO in 2010.

Industry peer General Motors (plus 3.4 percent) was also in the spotlight. Hedge Fund Engine No. 1 announced it would support GM in its ambition to make only electric cars by 2035. The fund will also invest in this engine no. 1 gained notoriety earlier this year when it successfully appointed three climate-conscious executives to the board of oil company ExxonMobil.

Sentiment on Wall Street was mostly negative, mainly due to concerns about Chinese real estate developer Evergrande. The broad S&P 500 lost 0.3 percent in early trading to 4346 points, and tech gauge Nasdaq lost 0.9 percent to 14,436 points. The Dow Jones index gained slightly. The indicator advanced 0.1 percent to 34,362 points.

Pharmaceutical Merck further gained nearly 3 percent after developing an experimental pill that could halve the risk of death or hospitalization for those most at risk for severe Covid-19.

Delta Air Lines, in turn, was slightly lower. After breaking a line a month ago, the airline is again starting from its original revenue forecast for the third quarter. But, according to CEO Ed Bastian, ticket sales have stabilized. Next year, he says, domestic flight sales will also return to pre-crisis levels.

A barrel of US oil cost 1.8 percent more at $77.20. Brent oil became 2 percent more expensive at $ 80.84 a barrel. The euro was worth $1.1630 against $1.1602 on Friday.

Leave A Reply