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Tesla shares mysteriously jump overnight

by Purvai Dua
24th Oct 18 8:57 am

Tesla shares jumped 12.7 per cent to $294.14 overnight fuelling speculation that its third-quarter earnings will be upbeat.

Investors had expected the results to come next week or later, but the automaker clarified that it would release its financial report after the markets close today.

Separately, a long-time critic and short-seller Citron Research took a U-turn and said that it had a change of heart and is now betting that Tesla stock will rise.

The firm said in a research note that Tesla’s Model 3 sedan is a “proven hit” and serious competition from other automakers for the plug-in car market has not materialized, marking a sharp reversal from its previous stance.

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