Tesla seen as stronger due to Argus Research

Analisi Giornaliera - 04/02/2020

Tesla went up almost 20% yesterday, its biggest single day rise in more than 5 years

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Yesterday Tesla stock flew almost 20% following Argus Research that increased its price target from $556 to $808. Bears struggled to keep up with the strength of the stock. The jump was the most significant one-day increase since May 2013. The company analysts explained that Tesla had powerful fourth-quarter financials that beat Wall Street’s expectations last week. It further increased its profits per share estimate to $8.01 from $5.96. The stocks were exchanging barely over $717 following the open and scored an all-time top of $786.13. The stock rose more than 85% year to date. Tesla’s market capitalization is now over $140 billion.

Oil retraced while fears for more virus spread is still present


On Tuesday Oil grew, reaching the progress of other financial exchanges while traders and investors recovered their patient following Monday’s intense sell-off. The sell-off came upon concerns regarding the impact of the China virus that sparked fears over the request for fuel that sent crude to its weakest level in more than 12-months. West Texas Intermediate (WTI) crude rose 32 cents, at $50.42 a barrel while Brent crude went up 21 cents, at $54.65 a barrel. Brent and WTI have lost more than 20% from this year’s top last month.

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US stocks recovered from last week’s sharp drop


On Monday US Stocks strongly increased, regaining more of their declines from the previous session’s sharp drop. However, investors continued to be cautious regarding the retracement while coronavirus concerns remained. The S&P 500 advanced 0.7% to close the day at 3,248.91. The Dow Jones Industrial Average ended with more than 143 points higher, at 28,399.80 while the Nasdaq Composite went up 1.3% at 9,273.39.

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Gold started to feel the pressure from the greenback


On Tuesday the popular safe haven metal Gold was short changed while a strong greenback countered fears regarding a fast-spreading coronavirus disease in China and its economic result. U.S. gold futures dropped 0.2% to 1,579.69. Spot gold was fixed at $1,575.36 per ounce following running to its most powerful level since Jan. at $1,591.45 in the previous trading session.

 

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