Tesla chief risks Icarus syndrome
01 July 2016 London
Image: Shutterstock
Tesla CEO Elon Musk has set his company on a course for long-term shorting exposure with the acquisition of failing green energy producer SolarCity, according to FIS Astec Analytics.
The electric car manufacturer, which is already heavily invested in SolarCity, has confirmed plans to purchase the remaining shares through a share swap with Tesla equity.
The news took Tesla back to the top Astec Analytics hot stocks list for the week starting 20 June.
Both Tesla and SolarCity have regularly featured in the top four most shorted firms in the Americas and the prospect of their merger will means that is unlikely to change soon, according to Astec Analytic.
Europe and the Asia Pacific’s Astec Analytics hot stocks lists were topped by familiar names to the short selling world from different areas of the technology industry.
In Europe, securities technology provider Fingerprint AB started the week strongly with a 5 percent boost in share price, but fell foul of UK’s unexpected EU referendum result in favour of leaving the EU, which threw the wider EU financial market into disarray.
Astec Analytics cited the release of a new, cheaper version of the company’s fingerprint recognition sensor in entry level mobile phones, along with a newly installed CEO, as the drivers behind the boost. However, high borrow volumes remain and the tech firm’s long-term outlook remains uncertain.
In the Asia Pacific, IMAX China Holding has been suffering since the start of the year, after record-high trading figures in December, according to Astec Analytics.
Astec Analytics noted that its share price has fallen steadily since the start of the year but short interest has only risen noticeably in the past two months after IMAX signed a 40 cinema deal expansion and profit sharing deal with Guangzhou JinYi Media, one of the largest exhibitors in China.
The electric car manufacturer, which is already heavily invested in SolarCity, has confirmed plans to purchase the remaining shares through a share swap with Tesla equity.
The news took Tesla back to the top Astec Analytics hot stocks list for the week starting 20 June.
Both Tesla and SolarCity have regularly featured in the top four most shorted firms in the Americas and the prospect of their merger will means that is unlikely to change soon, according to Astec Analytic.
Europe and the Asia Pacific’s Astec Analytics hot stocks lists were topped by familiar names to the short selling world from different areas of the technology industry.
In Europe, securities technology provider Fingerprint AB started the week strongly with a 5 percent boost in share price, but fell foul of UK’s unexpected EU referendum result in favour of leaving the EU, which threw the wider EU financial market into disarray.
Astec Analytics cited the release of a new, cheaper version of the company’s fingerprint recognition sensor in entry level mobile phones, along with a newly installed CEO, as the drivers behind the boost. However, high borrow volumes remain and the tech firm’s long-term outlook remains uncertain.
In the Asia Pacific, IMAX China Holding has been suffering since the start of the year, after record-high trading figures in December, according to Astec Analytics.
Astec Analytics noted that its share price has fallen steadily since the start of the year but short interest has only risen noticeably in the past two months after IMAX signed a 40 cinema deal expansion and profit sharing deal with Guangzhou JinYi Media, one of the largest exhibitors in China.
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