Tesla could go higher, but I'm not going to buy it: Michael Farr
Michael Farr, Farr, Miller and Washington president and CEO, and Ron Insana, CNBC senior analyst and commentator, discuss how investors should be positioned as stocks head higher. Subscribe to CNBC PRO for access to investor and analyst insights on Tesla and more: https://cnb.cx/2BT2E7y
Shares of Tesla traded more than four times their 30-day average volume on Friday as passive funds bought the stock ahead of Tesla joining the S&P 500. The stock will be added to the benchmark index ahead of Monday’s opening bell, based on prices from Friday’s close.
Amid the heightened volume, Tesla shares rose 5.96% on Friday to close at a record high of $695 after swinging between gains and losses during the final hour of trading. During after hours trading the stock slid about 2%.
Heightened activity continued after hours, and by 4:45 p.m. ET more than 200 million shares had exchanged hands. This is more than quadruple the stock’s 30-day average volume of 44,946,455, according to FactSet. Friday’s volume puts it in the stock’s top 10 most active trading days.
Based on Tesla’s Friday average price of $679.85, more than $131 billion worth of stock changed hands.
Ahead of Friday’s session, S&P Dow Jones Indices estimated that approximately 129.9 million shares of Tesla would need to be purchased by index fund managers, worth more than $85 billion.
However, investors who unofficially track the S&P 500 also needed to buy the stock, which some estimated would lead to purchase activity 50% to 100% above estimates.
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Видео Tesla could go higher, but I'm not going to buy it: Michael Farr канала CNBC Television
Shares of Tesla traded more than four times their 30-day average volume on Friday as passive funds bought the stock ahead of Tesla joining the S&P 500. The stock will be added to the benchmark index ahead of Monday’s opening bell, based on prices from Friday’s close.
Amid the heightened volume, Tesla shares rose 5.96% on Friday to close at a record high of $695 after swinging between gains and losses during the final hour of trading. During after hours trading the stock slid about 2%.
Heightened activity continued after hours, and by 4:45 p.m. ET more than 200 million shares had exchanged hands. This is more than quadruple the stock’s 30-day average volume of 44,946,455, according to FactSet. Friday’s volume puts it in the stock’s top 10 most active trading days.
Based on Tesla’s Friday average price of $679.85, more than $131 billion worth of stock changed hands.
Ahead of Friday’s session, S&P Dow Jones Indices estimated that approximately 129.9 million shares of Tesla would need to be purchased by index fund managers, worth more than $85 billion.
However, investors who unofficially track the S&P 500 also needed to buy the stock, which some estimated would lead to purchase activity 50% to 100% above estimates.
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
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Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
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Видео Tesla could go higher, but I'm not going to buy it: Michael Farr канала CNBC Television
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