Tesla Shares Lose Some Charge, Safeway’s Big Citi Boost, and 3 More Hot Stocks
Tesla Motors (NASDAQ:TSLA): Tesla shares are trading down after CEO Elon Musk told Fox News that it’s probably not as crazy to short the stock as it was just a little while ago, though he quickly added that it’s still likely not a good idea. While investors don’t seem to be heeding the warning as much, Tesla has offered surprise after surprise so far this year, with earnings beats and increased production and guidance.
Safeway Inc. (NYSE:SWY): Safeway shares are up over 5 percent after Citigroup improved its rating on the company by two notches, to Outperform, and raised its price target to $34 from $26. Analyst Edward Kelly thinks the company can reduce its share count by more than 40 percent in the coming months, using the proceeds from the sale of its Canadian business and the BlackHawk Network split.
Under Armour Inc. (NYSE:UA): A downgrade from DA Davidson to Neutral from Buy with a price target of $85 (raised from $79) has sent Under Armour shares skidding; this is combined with a Citigroup downgrade to Neutral from Outperform. Under Armour shares are up 41 percent since DA Davidson first threw the Buy tag on the shares in April.
LDK Solar Co. Ltd. (NYSE:LDK): The announcement that LDK will be bringing Jefferies on board as its financial adviser for some strategic advice in connection with its offshore debt obligations has lifted LDK’s shares, albeit slightly. A healthy premarket run has settled to a simmer, as the news seems to have had little sway over investors.
Salesforce.com (NYSE:CRM): John Ross, a former U.S. ambassador to Japan, and Robin Washington, the chief financial officer of Gilead Sciences, have been added to Salesforce.com’s board of directors, effectively replacing former VeriSign CEO Stratton Sclavos and former GM Vice President Shirley Young, both of whom are leaving.