Shares of Tesla Inc. (TSLA) shot up 9.8% in afternoon trading, to propel them above the $1,800 mark for the first time, after an upbeat call from Wedbush analyst Dan Ives ( ). The stock has now rocketed 31.9% over the past four days, after the electric vehicle maker announced a 5-for-1 split ( ) of its common stock. While that sounds like a big gain over such a short time, this would mark the eighth time the stock has produced a 30+% rally in four days this year, the biggest being a 52.7% rocket ride in the four days ended Feb. 4, in the wake of a better-than-expected fourth-quarter earnings report ( ). Telsa's market capitalization has reached $337.8 billion after the current 4-day surge, which is more than triple the combined market caps of General Motors Co. (GM), Ford Motor Co. (F) and Fiat Chrysler Automobiles N.V. (FCA.MI), which is about $93.68 billion. Tesla's stock has run up more than fourfold (up 333.4%) year to date, while the S&P 500 has tacked on 4.7%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 17, 2020 16:29 ET (20:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.