Here’s what drove Tesla shares back above $200 today

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

A cooler-than-expected Producer Price Index (PPI) report is sending stocks higher today, but that’s probably not the only reason Tesla (NASDAQ: TSLA) stock crossed the $200-per-share threshold this morning. As of 10:35 a.m. ET, Tesla shares were trading near the highs of the morning, up 4.7%.

So what

After hitting a nearly two-year low earlier this week, Tesla has bounced from about $177 to back above $200 per share today. The recent decline came as CEO Elon Musk has been busy focusing on running Twitter as a private company. It seems investors were correct in thinking Musk’s new role at Twitter could be affecting his other work. Yesterday, Musk addressed a business conference taking place along with the G20 summit in Indonesia, stating, “I have too much work on my plate that is for sure,” according to Reuters.

But that admission may have investors thinking Musk will not let his workload affect Tesla’s business. And an upcoming investor event marking the official launch of the Tesla Semi truck is further evidence Tesla’s remarkable growth continues unabated.

Now what

Martin Viecha, Tesla’s head of investor relations, confirmed the company would be holding a shareholder event on Dec. 1 when the first Tesla Semi electric truck is scheduled for delivery, according to EV industry site Electrek.

Musk previously announced the first Tesla Semi would be delivered to PepsiCo on the first day of December. But investors might be putting money back into the stock today after its recent decline partly due to the upcoming event.

By marking the occasion with a dedicated affair, it’s also possible that the widely followed company will provide a surprise announcement. That’s certainly no reason to buy a stock, but the fact that Tesla’s business continues to grow could be one reason for today’s bounce.   

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Here’s what drove Tesla shares back above $200 today appeared first on The Motley Fool Australia.

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More reading

• Why is Tesla stock falling today?
• Why Tesla shares jumped today
• Why Tesla stock is tumbling today
• Why did Elon Musk just sell $6 billion worth of Tesla shares?
• Why Tesla hit a new 52-week low today

Howard Smith has positions in Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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