The markets were higher to start the week as it seems investors have completely forgot about the nuclear threats out of North Korea. The Dow 30 was higher by 132, the S&P 500 added 24, and the Nasdaq 100 gained 83. Some of the major indices were able to completely erase all of last Thursday's losses, despite weak oil prices and weak data out of China. For now it seems that fear of any bad news has completely subsided.
Tesla (NASDAQ: TSLA) shares saw a nice 1.66% gain on the day as Baird analyst Ben Kallo, a longtime Tesla bull, raised his price target on the stock from $368 to $411. His note said "Tesla's energy storage business isn't being factored into its current share price." He also is on record as stating that the Model 3 and battery sales are expected to increase. Since hitting a low back in July shares are higher by over 20%.
Fiat Chrysler (NASDAQ: FCAU) shares shot up 8.53% today, hitting new highs in the process as Automotive news reported that a Chinese auto group made an offer for the Italian automaker. In the report it was stated that Chrysler almost immediately rejected the offer. The article also suggested that other Chinese car makers may be considering a bid as well. Shares of the car maker are higher by 37% on the year, sitting at fresh highs.
Snap, Inc. (NASDAQ: SNAP) saw a sharp reversal today as the media continues to focus in on the next lockup expiration. Shares added 6.42% after trading to new lows in the morning. At one point shares were lower by almost 4% before buyers pushed Snap back into positive territory for the day. Option buyers were noted as buying calls on the stock in anticipation of a reversal from these lows. Shares are still lower by almost 50% since its IPO.