NEW YORK (TheStreet) -- The S&P 500 was basically unchanged on Monday, closing lower by 0.01%.
Ben Kallo, senior research analyst at R.W. Baird, was a guest on CNBC's "Fast Money" TV show, taking a look at the recent move higher in Tesla Motors (TSLA). He has a buy rating with a $275 price target on Tesla.
He said the company's confirmation that the Model X will be available in the beginning of 2015 is giving investors confidence in the company's pipeline. He added that the recent positive steps in state legislatures easing up on direct auto sales is also helping the stock. Kallo suggested that the second half of 2014 would be strong for Tesla, as will production volume and vehicle deliveries for the second quarter.
Guy Adami, managing director of stockmonster.com, said shares of Tesla look poised to retest the highs near $265, after breaking out strongly over $225.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, said momentum stocks, like Tesla and 3D Systems (DDD) seem likely to continue moving higher as investors get back into these high flying stocks.Micron (MU) beat on the revenue and earnings, but shares were moving lower in the after-hours. Steve Grasso, director of institutional sales at Stuart Frankel, said he is disappointed by the stock's price action and reasoned that shares are likely to move higher on strong NAND and DRAM demand. Tim Seymour, managing partner of Triogem Asset Management, told investors not to jump into stocks -- specifically Micron -- based solely on large hedge fund interest, since retail investors will never know what the firms are truly doing with their positions. Shares of Freeport-McMoRan (FCX) jumped on Monday after it closed the $3.1 billion sale of assets in the Eagle Ford shale. Seymour said the sale was a good decision and the stock has more room to the upside. Najarian agreed. Adami said Alcoa (AA) looks like it "'wants to continue to trade higher." Oliver Chen, senior retail analyst at Citigroup, has a neutral rating on Lululemon Athletica (LULU) with a $40 price target. In regards to founder Chip Wilson, who owns 28% of the company, taking the company private, Chen said it's possible. Wilson and/or others could use a leveraged buyout to take over Lululemon with a combination of debt and equity. The price would be at a premium to today's levels, he said, possibly by 10% to 15%.
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