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Wednesday, June 30, 2010

Tesla Motors shares soar on day 2 of trading

Shares of Tesla Motors Inc. continued soaring on Wednesday, a day after the electric car maker's blowout public offering.

Investors remain bullish on Tesla. Before its shares began trading on Tuesday, the Palo Alto, Calif., company increased the amount of stock it planned to sell and priced the shares at a higher-than-expected $17 each.

The strong demand helped send the stock soaring 40 percent in its first day of trading -- the second-biggest gain for an IPO this year. The gain was all the more impressive for coming on a day when broader indexes closed down about 3 percent and the Dow Jones industrials fell below 10,000.

Shares of Tesla surged $4.60, or 19.3 percent, to $28.49 in midday trading, having earlier reached $30.42.

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