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STOCK FUTURES JUMP, LED BY STELLAR ALPHABET, MICROSOFT EARNINGS

Results from 'Magnificent Seven' duo show cloud revenue boosted by strong AI demand

Tesla Stock Shows More Strength, Hits 10-Month High

Investor's Business Daily Video
Updated

The market uptrend is under pressure, but Tesla Motors stock is showing strength. Shares rose in above-average volume in the stock market Wednesday, hitting a nearly 10-month high. Tesla is trading just within buy range from a nine-month-long cup-with-handle base with a 258.85 buy point. Tesla was once a member of IBD's Leaderboard, but the stock rolled over in early September of last year and fell as much as 38% by the end of March. Tesla has now recovered most of those losses, and is trading about 7% off of its Sept. 4 high of 291.42. The electric-car maker is expected to report Q2 deliveries in the coming days. Credit Suisse projects deliveries to come in the 11,000 to 11,500 range vs. Tesla's prior estimate of 10,000 to 11,000. The bank on Sunday raised its price target on Tesla from 290 to 325.