NEW YORK (TheStreet) -- Tesla Motors (TSLA) jumped on Wednesday after reports the high-end electric car maker had entered into an exclusive partnership with a battery researcher. Intel (INTC) climbed after a company memo surfaced that confirmed it has initiated a round of cost cutting layoffs. Facebook (FB) rose following a price target increase.
Tesla jumped 2.9% to close at $260.41.
The electric car maker advanced after the Wall Street Journal noted in a report that Tesla had entered into an exclusive partnership with Jeff Dahn, a Nova Scotia researcher and professor who is known for his early work on developing the lithium-ion battery.
Tesla hopes Dahn's work will ultimately aid the company in lowering the cost of lithium-ion batteries, which in turn will help Tesla move into the market of potentially offering more affordable vehicles, according to the Journal report.
Under the arrangement, Tesla will sponsor Dahn's research work on lowering the cost of batteries, according to a MarketWatch report. Dahn is a physics and chemistry professor at Dallhousie University in Canada and heads up the Jeff Dahn Research Group, according to MarketWatch.
Intel rose 1% to end the session at $31.95.
The chip maker advanced after reports surfaced of its memo to employees that confirmed layoffs the company was implementing at its locations worldwide. Intel CEO Brian Krzanich explained that no more than a few hundred workers would be affected at any Intel site or geography, according to a Silicon Beat report.
The cost-cutting move was partly attributed to a desire to remove redundancies and inefficiencies in the work performed, as well as cutting areas that are less key to Intel, the report noted. Intel also characterized the job cuts as related to managing less than stellar job performance.
Intel's Chandler, Ariz., campus, where it employs 11,000 workers, was also affected by the layoffs, according to a report in the Phoenix Business Journal.
Facebook rose 0.9% to close at $81.79.
The social media giant inched higher after Brean Capital raised its price target on the company to $108 from $100.
In taking that action, Brean said Facebook's efforts to monetize its mobile apps like Instagram, Messenger and WhatsApp made the stock one that investors may wish to own for quiet awhile.