BALTIMORE ( Stockpickr) -- Put down the 10-K filings and the stock screeners. It's time to take a break from the traditional methods of generating investment ideas. Instead, let the crowd do it for you.
From hedge funds to individual investors, scores of market participants are turning to social media to figure out which stocks are worth watching. It's a concept thats known as "crowdsourcing," and it uses the masses to identify emerging trends in the market.
Crowdsourcing has long been a popular tool for the advertising industry, but it also makes a lot of sense as an investment tool. After all, the market is completely driven by the supply and demand, so it can be valuable to see what names are trending among the crowd.
Nearest Support: $200
Catalyst: JPMorgan Upgrade, Gigafactory First up is the name that's on everybody's lips this week: Tesla Motors (TSLA - Get Report). Tesla reported strong earnings last week, spurring a 33% rally in the market sessions since then. Today, shares are up almost 4% on news that JPMorgan Chase (JPM) had hiked Tesla's target price to $320. A lot of that new upside potential comes from the firm's "Gigafactory," a massive battery factory that would supply the firm's battery needs. Rumors that Japanese battery giant Panasonic could be investing $1 billion in Tesla's factory are spurring the share boost today. From a technical standpoint, there's no question that Tesla is in breakout mode right now. Shares of the $31 billion firm took out the key $200 level after earnings news hit, and they're hold above that newfound support price with vigor. TSLA is testing new all-time highs in today's session. Without resistance overhead, it could see even higher levels in March.