See that drop right there above 'Mon Dec 27'? Well that would be what happens when a trade "lock up" period ends.
A lock up period is, in short, a period where early buyers -- majority shareholders and company insiders primarily -- are not allowed to sell their shares. This is done to avoid flooding the initial market. For Tesla, (NASDAQ: TSLA ) this period expired on December 25, 2010 and today, Monday the 27th, is the first day of trading since the deadline passed.
As you can see, when shares were made available, the price fell. Tesla's opening price was $28.02 and closed at $25.55.
Adding to the lockout sale is Carter Driscoll, Capstone Investments' Senior Clean Technologies and Alternative Energy Analyst's label of "sell" for Tesla and a price of $22. Driscoll noted that the EV market was unlikely to reach targets and that Tesla wouldn't be able to meet projected earnings.
We'll see if the Government's $465 cash infusion and Panasonic's $30 million and Toyota's $50 million can get them above water before loans (and interest) need to be paid back.
jacton says:
07:51 AM, 12/28/10
Tesla and Fisker are no different than the rest of the green tinged thieves such as Zap; they just have higher profile names. I hope they both go away.
hybris says:
03:09 PM, 12/28/10
So is this how I can get rich?
I start a Electric car company mod a few golf carts with a fiberglass body so I have physical model to show off at the auto shows and then just sit back and ask for money.
Then when I have had my fill or when things look bad just cut and run to some far off non-extradition country. Right?