Shares of Tesla surged 7per cent on Monday to a record high, extending a two-week rally to more than 60per cent as investors bet the electric car maker could report a quarterly profit and potentially join the S&P 500 index.
The latest leg of Tesla's rally comes after the company on Saturday cut the price of its Model Y sport utility vehicle by US$3,000, just four months after its launch, as it tries to maintain sales momentum in the COVID-19 pandemic.Higher-than-expected second-quarter vehicle deliveries, announced earlier this month, have some analysts and investors expecting the company will show a profit in its quarterly report on July 22.
Since late June, demand for bullish call options on Tesla shares has been greater than demand for protective put options, which traders warn is a sign of exuberance.
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