Stocks rally toward records as Tesla tops $900
Tesla needs to raise capital, invest: Barron’s editor
Investment bank Piper Sandler raises the Tesla price target from $729 to $928. Barron’s senior editor Jack Hough explains how Tesla can remain profitable.
U.S. equity markets rallied Wednesday after the number of new coronavirus cases reportedly slowed.
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Mainland China reported 1,749 new cases of the virus as the death toll rose by 136. There are at least 74,185 confirmed cases and 2,004 deaths, according to China’s National Health Commission.
All three of the major averages were holding modest gains at the open; the Nasdaq hit a fresh record.
|I:DJI||DOW JONES AVERAGES||29310.36||+78.17||+0.27%|
|I:COMP||NASDAQ COMPOSITE INDEX||9799.929821||+67.19||+0.69%|
Looking at stocks, Tesla shares rallied above $900 apiece after Piper Sandler raised its price target to $928, the second-highest on Wall Street, citing its batteries and solar power business as the next big thing.
Virgin Galactic shares were higher for an eighth straight day, and are up more than 160 percent since their Oct. 28 stock-market debut.
|SPCE||VIRGIN GALACTIC HOLDINGS INC.||33.26||+2.96||+9.77%|
On the earnings front, Dish Network reported better-than-expected quarterly results as its subscriber loss slowed.
Wingstop reported digital sales soared 39 percent year over year in the fourth quarter, helping revenue top Wall Street estimates.
Meanwhile, Groupon’s fourth-quarter revenue slumped 23 percent from a year ago, missing estimates, and the company said it is planning to exit the goods category by the end of the year.
Blue Apron said it is exploring strategic alternatives, including putting itself up for sale, after posting a fourth-quarter loss of $21.9 million.
|DISH||DISH NETWORK CORPORATION||41.55||+0.26||+0.63%|
|APRN||BLUE APRON HOLDINGS INC||3.42||-0.95||-21.76%|
Elsewhere, West Texas Intermediate crude oil was up 1.4 percent at $53 a barrel and gold climbed 0.5 percent to $1,611 an ounce, its highest in nearly seven years.
U.S. Treasurys were lower, pushing the yield on the 10-year note up by 1.2 basis points to 1.568 percent.
In Europe, France’s CAC and Germany’s DAX gained 0.6 percent and 0.5 percent, respectively, while Britain’s FTSE was little changed.
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Asian markets were mixed with Japan’s Nikkei up 0.9 percent, Hong Kong’s Hang Seng higher by 0.5 percent and China’s Shanghai Composite down 0.3 percent.
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