Borchardt joked that Tesla was "firing on all cylinders." But it's true. The stock has run from the mid-$50 range to over $90 in a matter of days following its first-quarter earnings report on May 8.
"Customers love it, Consumer Reports loves it," Cramer noted, "I want to buy one," referring to the Model S.
Cramer added that there was a high short interest in the stock before earnings and that short-sellers are having trouble finding stock to short. Many traders thought the stock offering would push the price lower, giving short-sellers an opportunity to cover or find more shares to short.However, Elon Musk, the CEO, came out and bought $100 million worth of the stock. Putting his money where his mouth is, Musk created an additional rally for shareholders, leaving bears scratching their head. When asked if the stock was going to $100, Cramer simply noted, "don't short cult stocks," referring to names like Amazon (AMZN), among other high-growth stocks. "No one has an edge in this short," he concluded. To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here. --Written by Bret Kenwell in New York.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV