Tesla’s influence on the stock market is growing, S3 Partners says
The recent increase in the notional value of the short interest in Tesla stock, together with the heightened volatility in the electrical vehicle maker’s shares, “underscores its growing market influence, surpassing both Nvidia and Apple in recent months,” according to S3 Partners, a researcher that specializes in tracking Wall Street short interest.
In a typical day, Tesla shares now move up or down in a range of 4.5% compared with its prior volatility of 3% to 4%. Nvidia might typically move 3% to 4% each day although, unlike Tesla, its recent volatility has fallen, while Apple only moves 1% or so on an average day.
All three stocks are locked in a three-way race for which has the highest dollar value of shares sold short, S3 said. “NVDA has had the largest short interest notional position, but AAPL surpassed NVDA for two weeks in December. TSLA has been in third place since mid-year but has now surpassed AAPL,” according to the researcher.
Tesla shares since the presidential election.
Stocks moving the most in extended trading hours: Inari Medical, Ulta
These are the stocks moving the most in Monday’s after-hours trading:
- Inari Medical — Shares of medical device maker Inari Medical surged 22% after Reuters reported that the company was in advanced talks to be acquired by Stryker, citing people familiar with the matter. Sources said that a deal could be announced as early as this week.
- Ulta — The beauty retailer added nearly 2% after increasing its fourth-quarter outlook, citing a stronger-than-expected holiday season. The company also announced that CEO Dave Kimbell will retire after 11 years in the role, to be succeeded by current President and COO Kecia Steelman.
— Lisa Kailai Han
Stock futures open higher
Stock futures traded higher on Monday night.
Dow futures added 48 points, or 0.1%, shortly after 6 p.m. ET. S&P 500 futures and Nasdaq 100 futures respectively gained 0.1% and 0.2%.
— Lisa Kailai Han