Tesla Turns Profit: Tech Winners & Losers

(Updates from 2:41 p.m. ET with closing information.)

NEW YORK ( TheStreet) -- Tesla Motors ( TSLA) shares rose 16.51% to $44.15 after the company announced its Model S sales exceeded initial targets.

The Palo Alto, Calif.-based Tesla announced sales of its Model S vehicle have exceeded the target provided in mid-February, as the company sold more than 4,750 Model S vehicles in the first quarter, up from a previous outlook of 4,500 cars. As such, the company raised its first-quarter outlook to "full profitability" on a non-GAAP and GAAP basis. Tesla had previously said it expected to be "slightly positive net income, on a non-GAAP basis. We also expect to be near breakeven on cash flow from operations."

"I am incredibly proud of the Tesla team for their outstanding work. There have been many car startups over the past several decades, but profitability is what makes a company real. Tesla is here to stay and keep fighting for the electric car revolution," said CEO Elon Musk in a press release.

Apple ( AAPL) shares fell 1.78% to $434.80 as CEO Tim Cook apologized to Apple's Chinese customers over the company's warranty policies in the country.

"In the past two weeks, we've received a lot of feedback regarding repair and warranty issues in China. We have carefully reviewed these together with the company's 'Three Guarantees' and have also looked closely at our maintenance policy and management specifications for authorized Apple Service Providers. We are aware that flaws in our external communication have led to the appearance of arrogance and a lack of concern for customer feedback. We express our sincere apologies for any concerns or misunderstandings this gives consumers," Cook wrote in the letter posted on Apple's Chinese-language website.

The letter talks about an improved iPhone 4 and iPhone 4S repair policy, providing concise, clear information regarding the official repair and warranty policies on Apple's Web site, improving supervision of training of Apple Authorized Service Providers and improving related issues to ensure consumers can easily contact Apple Feedback Service.

eBay ( EBAY) shares rose 3.54% to $56.14 after the company received a slew of analyst upgrades and price target raises Monday, following the company's investor meeting last week.

Canaccord Genuity analyst Michael Graham upgraded eBay shares to "Buy" while raising his price target to $67. Jefferies analyst Brian Pitz raised his price target to $66 from $62; Cantor Fitzgerald analyst Youssef Squali raised his target to $64 from $56; and Credit Suisse analyst Stephen Ju raised his price target to $55 from $50.

"We believe Marketplaces will continue to be a stable growth engine and that PayPal can surprise to the upside. eBay is innovating along many fronts which may require expanded investment/acquisitions. However, we believe in eBay's vision of synching online and offline commerce and that with ~112 million eBay accounts and ~123 million PayPal accounts actively engaged on mobile, eBay is uniquely positioned to capitalize on this opportunity," Canaccord's Graham wrote in his report.

Closing prices: TSLA jumped $6.04, or 15.9%, to $43.93; AAPL fell $13.75, or 3.1%, to $428.92; and EBAY rose $1.49, or 2.8%, to $55.71.

-- Written by Chris Ciaccia in New York

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