NEW YORK (TheStreet) -- Shares of Tesla Motors Inc. (TSLA) are up 2.66% to $9.64 in pre-market trade, and a week after CEO Elon Musk hinted at sharing patents to encourage other car makers to embrace electric vehicles, he suggested an announcement is coming, Bloomberg reports.
"Some news about Tesla patents tmrw at 10am," Musk wrote in a Twitter feed.
After saying he was surprised how few car makers make "serious electric vehicles" at Tesla's June 3 annual meeting, the CEO said he was "planning on doing something fairly significant on that front, which would be kind of controversial with respect to Tesla's patents," Bloomberg noted.
TheStreet Ratings team rates TESLA MOTORS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TESLA MOTORS INC (TSLA) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and poor profit margins."