Tesla shares zoom on first day of trading
Tesla, appearing on the Nasdaq stock market under the ticker symbol “TSLA,” traded at about $18.40 in early afternoon trading. Shares initially opened around that level, then plunged before climbing back up.
TeslaÂ’s underwriters, sensing bigger-than-expected investor appetite for the offering, raised the initial sale price to $17, above the $14 to $16 expected range. They also increased the number of shares to be sold in the offering by 20 percent, to more than 13 million shares.
The offering garnered Tesla more than $226 million in proceeds.
So far, investors appear unconcerned about some of the risks of investing in Tesla. Among those, as noted by the company: its constant losses since its founding its dependence on access to loans from the Energy Department and its reliance on one car model, the $109,000 Roadster. The more affordable $50,000 Model S isnÂ’t expected to hit sales floors for another two years.
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The rate change is designed to lower bills for the lowest-income residents while aligning billing more directly with utility costs.
PAO’s recommendation for the Income Graduated Fixed Charge places fees between $22 and $42 per month in the three major investor-owned utilities’ territories for customers not enrolled in the California Alternative Rates for Energy (CARE) program. As seen below, CARE customers would be charged between $14 per month and $22 a…
