(Updates from 1:02 p.m. ET with closing information.)
Momentum in the electric car maker's stock has been unabashedly strong in recent weeks, as the company recently became profitable for the first time in its history.
Several analysts recently raised their price targets on Tesla, with Morgan Stanley calling Tesla "America's fourth automaker".A large portion of the run-up in the stock has been caused by short-covering, which has fallen dramatically. The days-to-cover ratio fell from just under eight days to cover as of April 30, to 1.56 on May 15, the last date data is available, according to Nasdaq.
Yahoo! (YHOO) shares were higher by 0.8% to $26.54 on rumors suggesting the Internet giant will make another major acquisition, this time bidding for Hulu.
AllThingsD reported that Yahoo! would pay between $600 million and $800 million for the video-content company, as CEO Marissa Mayer continues to turn core Yahoo! around. Yahoo! recently purchased Tumblr for $1.1 billion, despite Tumblr only generating $13 million in revenue for all of 2012.
Apple (AAPL) shares were slightly higher, gaining 0.07% to $445.10 as one analyst thinks Apple has more short-term pain in store. Citigroup's Glen Yeung believes Apple has some value, but cautions against buying the stock now. "At 10.1x 2014E EPS (compared to S&P500 13.5x), Apple represents value at face value, particularly in light of its 2.7% dividend yield vs. 2.11% for the S&P500," Yeung note. However, with consensus gross margins, and hence estimates, at risk and end-market growth facing steep deceleration, we expect AAPL to remain range-bound and do not recommend the shares at this time."
Closing prices: TSLA jumped 13.7% to $110.33 Tuesday but YHOO fell 1% to $26.07 and AAPL was off nearly 1% to $441.44. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
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