Tesla stock gets big bump after Panasonic’s earnings report

TOKYO: Tesla Inc’s stock surged 20% on Monday in its largest one-day gain since 2013, fuelled by a quarterly profit at Panasonic’s battery business with the US carmaker and an investor report predicting its shares would rise more than ten-fold by 2024.

Monday’s rise came after Panasonic Corp reported the first quarterly profit in its US battery business with Tesla, which followed years of production troubles and delays. It based that prediction, which would put the company’s market capitalisation at US$1.3 trillion, in part on Tesla launching a fleet of profitable “robotaxi” autonomous cars.

Short sellers on Monday suffered paper losses of over US$2.5 billion, bringing their losses in 2020 to more than US$8 billion, according to S3 Partners, a financial analytics firm.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shanghai Stock Exchange extends deadline for companies' release of 2019 financial reportsBEIJING (Reuters) - The Shanghai Stock exchange said on Sunday it would extend its deadline for companies to release their annual financial reports for 2019 until April 30, as companies halt normal activities due to the outbreak of a new coronavirus in the country.
Source: staronline - 🏆 4. / 75 Read more »

Earnings volatility set to kick in as coronavirus worries mountNEW YORK: Concerns over the outbreak of coronavirus from China have largely overshadowed corporate results, but the back half of the earnings season could hold greater sway over the performance of individual stocks.
Source: staronline - 🏆 4. / 75 Read more »