This is getting a little ridiculous how much Tesla Motors Inc (NASDAQ:TSLA) continues to make tongues wag on Wall Street. We have already documented how strong this month of May is for the electric-car manufacturer, and in the wake of the company’s resoundingly successful secondary stock offering this week – which is expected to raise more than $1 billion for the company, partly thanks to CEO Elon Musk buying a million shares himself – Tesla got a mention Friday among CNBC’s Halftime Report’s regular “Top Three Trades” feature.
Tesla Motors Inc (NASDAQ:TSLA), though down for the day, was sandwiched between Nordstrom, Inc. (NYSE:JWN) and General Motors Company (NYSE:GM) in the feature, which gave a quick rundown as to why each stock was selected for the feature.
Tesla was noted for the second stock offering, which was increased a couple of times before settling on 2.6 million shares at the current market price, amounting to about $550 million raised just from the equity of the offering – never mind what it collected on its debt offering, which ultimately brought the total fund-raising effort to ore than a billion dollars. for a company with a market cap of about $10.5 billion.
Image: Tesla Motors Inc (NASDAQ:TSLA)
The stock might have been down on the day, but analysts seemed impressed by the results.
In other news, Nordstom, Inc. (NYSE:JWN) got a mention due to an earnings report that missed expectations on both earnings and revenue, followed by a downgraded outlook. Shares were down about 1 percent on the day. As for General Motors Company (NYSE:GM) closed out the Tesla Motors Inc (NASDAQ:TSLA) sandwich with an upgrade to its stock, and the stock rallying more than 3 percent on the day.
The assessment of that stock was that the upgrade was due to increasing global demand for the company’s vehicles, and the company’s $5 billion investment in trucks in the Brazil market was specifically addressed. The stock just passed its 52-week high and its IPO price.
See the video below: