Morning folks,

There are a few interesting bits of news out this Friday morning. Once I've covered them, I'll endeavour to make a few comments on things I skipped earlier in the week.

Before that, though, let me direct you to Paul Scott's catch-up report for last Friday. He has written an overview of retail stocks together with specific coverage of Card Factory (LON:CARD), Moss Bros (LON:MOSB) and Tasty (LON:TAST). So that's definitely worth a read - here's the link.

Onto today's report. Stocks which have caught my eye include:

And then stocks which were requested earlier in the week:




Tesla Inc (US:TSLA)

  • Share price: $272 (-12% in after-hours trading)
  • No. of shares: 171 million
  • Market cap: $46.4 billion

Elon Musk Charged with Securities Fraud for Misleading Tweets

(Please note that I currently have a short position in TSLA.)

Not a small-cap, not even British, but I feel compelled to mention Tesla again.

Today was the day I finally opened a Tesla short, something I've been thinking about for some time.

The trigger was the news that the SEC has officially launched proceedings against Musk. If you follow the link above to the SEC's website, you can read the 23-page court filing at the US District Court.

It all relates back to Musk's tweets last month that he was thinking about taking Tesla private at a share price of $420, and that funding was secured.

When I saw those tweets, it was my opinion that he had probably committed market abuse. Even if it was true that funding was secured, tweeting the news during market hours without any sign of having taken legal advice would be a very strange thing to do.

Given that the "news" was released in such a manner, I suspected that any hypothetical deal was flimsy. Musk has been battling with the short-selling community for some time, and the tweet looked like it had been written with them…

Unlock the rest of this Article in 15 seconds

or Unlock with your email

Already have an account?
Login here