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Tesla news from the Toronto Star

Discussion in 'News' started by Richard_B, Jul 10, 2013.

  1. Richard_B

    Richard_B Member

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    Electric-car maker Tesla hits record share price on Nasdaq news | Toronto Star

    "Tesla Motors Inc., the world’s best- performing automotive stock this year, rose to a record intraday price after Nasdaq OMX Group Inc. said it’s elevating the company’s shares to its Nasdaq-100 Index to replace Oracle Corp. The electric-car maker named for inventor Nikola Tesla climbed as much as 2.8 per cent to $125 (U.S.), the highest intraday level since Tesla’s market debut three years ago. Shares increased 2 per cent to $124.01 at 11:37 a.m. New York time.



    Tesla will be added to the Nasdaq-100, which tracks the biggest companies on the Nasdaq, before the start of trading on July 15, Nasdaq OMX Group Inc. said in a statement yesterday. Oracle, which last month said it will join the New York Stock Exchange, is the biggest company to jump between the competing exchanges. Tesla is the only U.S.-based automaker on the Nasdaq.



    Shares of Tesla, the carmaker headed by billionaire Elon Musk, have more than tripled this year as the popularity of its new Model S sedan helped the company turn its first quarterly profit. Gaining entry to benchmarks tracked by investors is attractive to public companies because it provides a guaranteed shareholder base.



    “It’s a coming of age, recognition that a company has market cap and liquidity,” said Sandy Mehta, chief executive officer of Value Investment Principals Ltd. in Hong Kong. “Once the stock joins the index, you will have some buying.”

    Yesterday before the Nasdaq announcement, Tesla increased to a record close of $121.61. Tesla surged 259 per cent this year through July 8. The current leader in the Nasdaq-100 is Netflix Inc., which gained 152 per cent during the same period.""
     

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