With all the crosscurrents pushing and pulling on Tesla investor sentiment Barron's published this, Updated Jan. 15, 2025 10:05 am ET / Original Jan. 15, 2025 7:11 am ET:
Tesla Stock Is Soaring. Inflation Trumps the SEC.
Barclays analyst Dan Levy raised his target for Tesla stock. And the SEC is going after CEO Elon Musk again.
Tesla stock took off as investors weighed everything from a new battle between CEO Elon Musk and the Securities and Exchange Commission to Wall Street price targets to the latest inflation data.
Shares of the electric-vehicle maker were up 4% in early trading at $412.10, while the S&P 500 and Dow Jones Industrial Average both rose about 1.5%.
Inflation data was the biggest reason for the jump. Markets rallied after core consumer prices, excluding food and energy, rose at a slower pace than expected. That could keep the Federal Reserve on a path to lower interest rates, which should help make new cars more affordable. Many cars are bought with some form of financing.
Wednesday’s early move also comes after the SEC, on Tuesday, disclosed a lawsuit over Musk’s 2022 purchase of Twitter, which has been renamed X. Musk “failed to timely file with the SEC a beneficial ownership report disclosing his acquisition of more than five percent of the outstanding shares of Twitter’s common stock in March 2022, in violation of the federal securities laws,” reads the complaint.
Musk didn’t respond to a request for comment, but he tweeted something derogatory about the SEC on Wednesday morning....
....MUCH MORE
In the words of Larry the Cable Guy: "I don't care who you are, that's funny right there."
TSLA is trading at $416.31, up $19.95 (+5.03%) on the day, pulling back from the $418.96 top tick.
Here's hoping the stock does not close at $420 or Mr. Musk may become insufferable.
