Tesla's in Fourth Gear: Tech Roundup

Tickers in this article: AAPL FB TSLA
(Updates from 11:59 a.m. ET with closing information.)

NEW YORK (TheStreet) -- Tesla Motors raced into another gear on Monday, tacking on 9.19% to $83.82 as shorts continued to get squeezed, based on accelerating company fundamentals.

Tesla reported exceptional first-quarter earnings last week, and raised guidance as the company sees more customers lining up to buy the Model S.

The stock has been on an incredible run since earnings, as well as the start of the year, having gained 51% and 148%, respectively, over both time frames. A good portion of the float is still held short, as bears do (or in this case, did) not believe in the future of the electric car company. According to Nasdaq.com, there were 7.9 days to cover ratio for Tesla shorts as of April 30, meaning it will take nearly eight days for bears to cover their short positions on average daily volume.


Apple shares up 0.34% to $454.53 after one analyst said the company may have turned the corner.

Topeka Capital Markets Brian White noted that his April Apple index performed better than it has in the past eight years, which could be a sign that Apple's earnings are bottoming. "Final April sales for our Apple Monitor rose by less than 1% MoM and better than the average decline of 1% over the past eight years," White penned in a note. "This outperformance follows two consecutive months of weaker than average seasonality." He also noted that Hon Hai Precision, which manufacturers Apple products, saw a 12% month-over-month increase in sales, much better than the 3% average decrease over the past three years.


Facebook shares were higher by 1.2% to $27 despite the fact Facebook's most recent product announcement, Facebook Home, has continued to receive negative attention.

AT&T is discontinuing the HTC First, noted industry Web site BGR ( AT&T has denied these plans) . Facebook and HTC teamed up to make this Android-based phone the first phone to show off the Facebook Home software, but sales have been lackluster, with AT&T being forced to cut the price from $99 to 99 cents to try and stimulate interest.