This post was originally published on this site
Shares of Tesla Inc. TSLA, +7.08% vied to crack $1,500 a piece on Friday, surging 6% and set to end at a record as some investors bet demand for the Silicon Valley electric-car maker’s vehicles remains strong despite diminished prospects for car sales overall amid the coronavirus pandemic.
Tesla shares traded as high as $1,496 on Friday; an end around current levels would supplant Tuesday’s standing closing record of $1,389.86.
Tesla is scheduled to report second-quarter results in two weeks on June 22, with some believing the company could report a fourth consecutive GAAP profit and thus be eligible to enter the S&P 500 index SPX, +0.80%, which would bring it to thousands of index-tracking funds as well as earn it even more attention from actively managed funds. Analysts surveyed by FactSet, however, see Tesla posting a GAAP quarterly loss of $1.34 a share on sales of $4.8 billion.
