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Shares of the electric-car maker have climbed as much as 27%.
By Andrea Tse, TheStreet
Investors are still feverish over Tesla Motors (TSLA) a day after its initial public offering on the Nasdaq, driving shares up as much as 27%.
More than 10 million shares had traded by midday Wednesday. On their first day of trading, more than 18 million shares traded hands. At 1:10 p.m. ET, the shares had risen 16% to $27.65 as the S&P 500 ($INX) climbed 0.2%.
The IPO debuted Tuesday morning to robust trading. Tesla stock opened at $19 and climbed as high as $25 yesterday. This compares with the $17-a-share price the electric-car maker had announced for 13.3 million common shares ahead of the IPO.
Investors energized after the automaker says it will pay off $4 billion.
By Ted Reed, TheStreet
Ford's (F) move Wednesday to reduce debt seemed to halt a recent decline in the automaker's share price.
Ford said it will reduce its debt by $4 billion by paying $3.8 billion in cash to the United Auto Workers retiree medical benefits trust, not only making scheduled debt payments but also paying off the remaining balance on an outstanding note.
The company will also pay $255 million in previously deferred quarterly distributions on 6.5% cumulative trust preferred debt.
In midmorning trading, Ford stock was up 47 cents to $10.35.
The networking powerhouse will introduce its Cius tablet computer in a few months. But will anyone buy it?
When most techies think Cisco Systems (CSCO), they think of servers or networking software. But the Silicon Valley powerhouse is stepping outside the box with a new product -- a tablet computer that the company says will be ready in the third quarter.
The tablet, named Cius and pronounced "see-us," partners with a telephone docking station and has specialized teleconferencing capabilities. According to chief executive John Chambers, the gadget falls into Cisco's plan to "combine voice and data communications on networks over a common Internet Protocol architecture."
Yeah, but will it sell?
Buried in yesterday's stock sell-off was Washington's recognition that the ailing economy needs some medicine -- and fast.
By Jim Cramer, TheStreet
It's not so bad. It's just bad enough that maybe something good will happen. That's my feeling about the U.S. economy right now.
It's not so bad, because we have ever-so-slightly falling jobless claims, better balance sheets for companies and lots of profitability, with some companies doing extremely well. But it's bad enough -- because we are not creating jobs and not seeing any loan demand -- that I think Washington will do something.
We saw the beginning of that on Tuesday, totally obscured by the selling of stocks. We saw a bank tax go away, we saw the rumblings of cap and trade put on hold, and we saw the makings of a breakthrough in extending unemployment money.
You know what these moves smell like to me?
Amazon starts selling its iconic e-reader to travelers in further efforts to maintain the Kindle's dominance.
But don't think this is a big innovation from Amazon. It turns out many airport retail outlets selling Apple (AAPL) products are now stocking the iPad, too.
That means that despite the Kindle’s dominance of the e-reader marketplace, it may already be playing catch-up with Apple’s newest gadget when it comes to airport sales. (A tip for foreign travelers: Dixons Travel at London's Heathrow airport was discounting iPads 20 pounds this week while supplies last!)
A 30% decline could be tempting for investors betting on China's long-term success.
Traders have been watching the 2500 level on the Shanghai Composite Index closely for the last week.
And today, they got the price action they feared. The index dropped another 4.3% on the day to close at 2427.
That's below both the psychologically important 2500 level (Yes, the market does seem to react to round numbers. Nobody ever said investing was a science, or even especially rational) and below the 2481 level that signaled support on the charts to technicians.
These stocks have underperformed lately and should be sold.
Large-cap blue-chip stocks bounced back nicely in the beginning of June after a rough market in May. Then these stock picks gave it all back, with most large-cap investments looking to close out the month about where they started. In a rocky investing environment, it's hard to find advice that produces profits that stick -- even in low-risk large-cap stocks.
Unfortunately, some investors are throwing good money after bad by refusing to unload their battered blue chips. That’s why investors should consider dumping these large-cap stocks.
The company's financial problems have made things tough for once-hotshot employees.
But now, the markets have decided that BP stinks to high heaven, and they're clearing a wide circle around the company's traders.
Bank of America Merrill Lynch has stopped making long-term contracts with BP, The New York Times reports. BP's credit rating has been downgraded to just above junk status, making life much harder for traders who don't have the money to bet with like they used to.
An unusual number of requests by Russian and Ukrainian startups to sell stock have been approved.
One shell company, whose sole employee was a 79-year-old massage therapist in Ukraine, filed paperwork last year with the SEC to sell stock. The company had no revenue and $100 in assets, according to the Wall Street Journal.
The application was approved in eight days -- and there are questions about whether it was even read. Eight other startups in Ukraine and Russia have also been green-lit in the past two years, offering plans to rent bicycles in Kiev or sell cars in Siberia, the Journal reports.
Except for a brief bounce in spring, the stock has been declining since 2008.
Burger King Holdings (BKC) stock has been anything but flame-broiled over the past year.
Despite a juicy spike in Burger King stock this spring along with the rest of the market, the shares have left investors with a bland taste in their mouths since the beginning of 2008.
In the fast-food wars, the Big Kahuna is still McDonald’s (MCD) (see 5 Reasons to Buy McDonald's). So should investors forget about BKC altogether and sell the stock? Here are three reasons to step away from the table and leave Burger King:
The government might be setting Agricultural Bank of China up for a rally.
Agricultural Bank of China priced the Shanghai portion of its initial public offering Tuesday at 2.52 yuan to 2.68 yuan per share. The Hong Kong portion of this IPO priced last week.
Tuesday's announcement keeps the deal on track for a mid-July offering. (I've repeatedly called this IPO an indicator of whether China's banks will be able to raise all the capital they need, and a way for investors to decide if it's time to buy China's stocks. For more on those ideas, see this post.)
At the indicated Shanghai and Hong Kong prices, the offering would raise about $20 billion. That's at the low end of the $20 billion-$30 billion range projected for the IPO a few months ago. But that's still enough for me to call the offering a qualified success.
Energy stocks attract aggressive-growth fund manager Robert Stimpson.
By Stan Luxenberg, TheStreet
When the BP (BP) oil rig exploded, energy stocks sank. Among the worst performers were companies that depend on offshore oil fields.
The losses attracted the attention of Robert Stimpson, manager of Rock Oak Core Growth (RCKSX). Stimpson bought shares of Transocean (RIG), owner of the damaged platform. The fund manager also grabbed depressed shares of Weatherford International (WFT) and Schlumberger (SLB), leading providers of services for oil fields.
"Today, energy stocks look as unloved as financials were in 2008," Stimpson says. "Financials staged a huge rally off their lows, and eventually energy stocks will also rally."
There's a belief that stocks are too cheap right now. They aren't. When the Dow returns to 9,700, then let's talk.
By Jim Cramer, TheStreet
Down, boy, and stay down. Open down. Be down. Don't rally. Wash sellers out. Please.
There, I talked to this market like the dog that it is. We need to wipe out every last bit of optimism here about anything -- China, Germany, Europe in general and certainly the United States. We need stocks to go back down to reflect a collapse in Spain, the lack of a soft landing in China and a split-up of the euro.
The electric-car maker sees its shares jump above the offer price on their 1st day of trading.
Updated at 4:36 p.m. ET, Tuesday
Tesla Motors (TSLA) zoomed out of the gate Tuesday, closing at $23.89 per share, 40.5% above its $17 offer price on its first day of public trading.
This closely watched IPO was a success, especially in a day filled with broader market turmoil.
But is opinion starting to turn against this company? After all, it hasn't made a dime of profit and it has only one car -- a pricey model that few people can afford (a lower-cost model is in the works).
Columnist Paul Krugman says we're headed into a deflationary slump.
There have been only two depressions before, he writes: the periods following the panic of 1873 and the financial crisis of 1929-1931. The slump we're heading into probably won't be as bad as the Great Depression, he writes, but the cost will be immense.
He blames lawmakers for the coming depression, saying that those in power around the world are preaching financial belt-tightening when the real problem is that we're not spending enough.
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The auto parts giant beats Wall Street expectations, while continuing to expand its stores in the U.S. and Mexico.
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[BRIEFING.COM] Stocks ended modestly higher as the S&P 500 climbed 0.2%, and the Dow added 0.4% to register its 19th consecutive Tuesday of gains.
The major averages saw little change during morning action, but afternoon buying interest helped lift the indices to session highs. Most cyclical sectors (with the exception of materials and technology) finished among the leaders, but the defensively-geared health care sector settled atop the leaderboard as biotechnology outperformed. ... More
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