Throughout the day the former Google's share price kept climbing until it ended regular trading at $770.77, up 1.2%. But in the after hours the shares bounced nearly 6% to $815.
Google investors, including TheStreet's Jim Cramer's charitable trust, Action Alerts PLUS, were pleased as all get out as they listened in to Google CFO Ruth Porat, who said the company -- now the world's most valuable publicly traded company with a market cap of $565 billion surpassing Apple at $539 billion -- will keep investing in "moonshots," or big bets.
When you're the CEO of a major company investors love whatever the market, you can fight back when you don't like what Wall Street has to say about your baby.
That's exactly what Tesla (TSLA) CEO Elon Musk did when Morgan Stanley's Adam Jonas lowered his price target on Tesla shares again. This time, Jonas cut a hefty 26%, bringing the stock's price target to $333 from $450 over concerns about delays in launching the Model X and the Model 3, which will cause fewer electric cars to be produced.
"We are lowering our price target by 26% to reflect our lowered volume expectations for Model X and Model 3, a lower valuation for Tesla Energy, and accelerating competition in the mobility business," Jonas wrote in a note Monday. Jonas cut Tesla's price target after citing a laundry list of things he didn't like: delays and overruns; slower (and lower) expectations in Model 3 volume; reduced valuation of Tesla energy; and more competition.