Tsla

Tesla (NASDAQ:TSLA) is hitting the market today via an initial public offering (IPO) and it seems as though the Street is pretty excited. Not only are investors bidding up the shares toward the top of the projected range, they are likely to exceed it. The IPO is currently priced at $17 per share, which is above the expected range of $14 to $16. Additionally, the company lifted the number of shares offered from 11.1 million to 13.3 million. A per-share price of $17 is equal to a market cap of $1.5 billion, based on 93.5 million total shares outstanding following the IPO plus a $50 million private investment from Toyota Motor (NYSE:TM).


Based on early momentum, expect shares of Tesla to trade even higher once it opens for trading on the Nasdaq this morning.  I may day trade it, but I’d want to see some firm intraday support and resistance areas set up in the first few hours.