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Tesla keeps surging, touches ten-week high

EPA / BEN MACMAHON

Shares of Tesla Inc. defied a broad market selloff on Friday and headed for the fourth daily gain this week, continuing to fly on the wings of its record quarterly profit and crushing short sellers. Analyst consensus has pointed to a net loss and the results surprised traders. The maker of electric cars and renewable energy systems overcame some of the glitches in the automotive sector, where it has struggled with logistics.

The company led by founder and chief executive Elon Musk, who is about to step down from the position of chairman, spiked 3.79% to $326.79 per share at 6:03 pm CET, surpassing the highest intraday levels measured since August 16. Tesla gained 5.52% year to date, compared to the advance of 7.4% in the benchmark Nasdaq index.

Breaking the News / IT