Shares of Tesla Inc. rose 1.3% in the extended session Friday after news that company chief executive Elon Musk wants to abandon his $44 billion agreement to acquire Twitter Inc. , a deal that would be fueled in part by Tesla shares owned by Musk. Tesla’s stock ended the regular trading day up 2.5%. Some on the Street have voiced concerns about the impact of Musk’s buying Twitter [s; twtr] on Tesla and also worried about the Tesla equity involved in the potential deal. Tesla shares have lost 29% so far this year, compared with a loss of 18% for the S&P 500 index . Wedbush analyst Dan Ives said in a note late Friday that Tesla shares are likely to see “some relief rally” next week as the protracted deal was “an overhang on the stock,” but Wall Street is also “wary of the looming court battle ahead between Musk and the Twitter Board.”
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
