Tesla Shares Extend Gains As Bulls Eye S&P 500 Entry

Tesla Shares Extend Gains As Bulls Eye S&P 500 Entry; ears Amass $20 Billion Short Position Tesla Inc. (TSLA) - Get Report shares extended gains in pre-market trading Monday pushing the value of the clean-energy carmaker closer to $300 billion; as investors continue to bet that the stock is headed for inclusion in the S&P 500. Tesla will be eligible for inclusion in the benchmark once it's published four consecutive quarters of profitability; a feat many investors expect when its second-quarter earnings are released after the market closes on July 22. Tesla took a giant step towards that goal last week when its reported stronger-than-expected quarterly deliveries of 90,650 units, a figure that topped Street forecasts even amid a six-week shutdown of the carmaker's Freemont; California production facility and a sharp 34% decline in overall U.S. auto sales. Tesla Shares Extend Gains As Bulls Eye S&P 500 Entry Tesla shares were marked 6% higher in pre-market trading Monday to indicate an opening bell price of $1,642.60 each a fresh all-time high that would extend the stock's six month gain past 205% and value the Palo Alto; California based carmaker at around $300 billion. Should Tesla gain entry into the S&P 500, it will carry a market cap that would sit just below that of Procter & Gamble (PG) - Get Report and Mastercard (MA) - Get Report; placing it just outside the benchmark's top ten. Tesla's gains, which many are attributing to index-tracking funds purchasing shares ahead of its S&P 500 inclusion; have also attracted the largest-ever amount of cash bet against stock on Wall Street. Short-sellers; which hope for a near-term decline in stock in order to buy it back more cheaply and book the profits; have amassed a near $20 billion position against Tesla shares; according to data from the S3 Partners group and first reported by Bloomberg. You might also be in interested:

09.07.2020 Tesla Daily Analysis