Tesla Surges 7% To Pass $600bn Market Cap Marker

On Monday Tesla’s share price jumped by 7.1%, making it the sixth company in history to pass $600bn in market cap. That places the electric car maker in elite company, alongside Amazon (AMZN), Facebook (FB), Apple (AAPL), Alphabet (GOOGL) and Microsoft (MS). Bullish views from analysts, along with continued appetite for technology shares, have driven Tesla’s (TSLA) share price up by 13.1% in the past five trading days and 52.3% over the past month. On Monday, the S&P 500’s information technology sector was one of only three (out of 11) in the green.

In other news, Uber’s (UBER) share price fell back by around 2%, as it announced that it is selling its driverless car unit to Aurora Technologies. The two firms will partner in the future, with Aurora self-driving cars operating on Uber’s platform, and Uber will invest $400m into the firm, but the deal is the end of Uber’s ambitions to build its own self-driving fleet. Uber’s drivers are currently its main headache, both in terms of cost and the legal hot water it has landed in over its classification of drivers as self-employed.

European shares have opened flat this morning as all eyes are on whether or not a Brexit deal can be reached between the UK and the EU. Initial optimism faded as both sides have yet to reach an accord and the possibility of the UK dropping out of the bloc with no trade agreement looms once again.

In corporate news the biggest riser in the UK is Ashtead Group (ASHTF) whose shares have been up as much as 5% as the construction and equipment hire firm posted a loss, which was less than anticipated and predicted its full year figures would come in ahead of expectations.

Hyatt plans European expansion despite pandemic hurt

It was a mixed day for US stocks, with the Nasdaq Composite up 0.5% and the Dow Jones Industrial Average down 0.5%. The S&P 500’s energy sector took a 2.4% hit, while in the Dow oil giant Chevron (CVX) was down by 2.7%.

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William K. 1 month ago Member's comment

Uber was smart to sell! Computer driven cars will ultimately be a non-starter because of the software quality problem that can not be solved economically. Sorry to break that news, but the weekly updates of patches and repairs that we are used to will not be "OK" for motor vehicles. Each update would be the equivalent of a recall episode. So just think about your car having weekly safety recalls.