The stock price soared 8.81 percent yesterday.
For the week overall, from close of trading Monday 6/9/14 to close of trading Monday 6/16/14, TSLA rose 9.40 percent, doing far better than the Dow, which dropped 0.96 percent, Nasdaq, which dropped 0.35 percent, and the S&P 500, which dropped 0.69 percent during that time period.
And TSLA continues to rise. Today (June 17, 2014) it rose an additional 3.90 percent as of 3:30 p.m.
The big news from Tesla this week is that the company said it plans to share its patented technology with the world.
CEO Elon Musk made the announcement on Thursday, June 12, 2014, on the Tesla blog, writing that he was making the move “in the spirit of the open source movement” for the sake of “the advancement of electric vehicle technology.”
Musk’s blog post was humorously titled “All Our Patent Are Belong To You,” a take-off on the popular “All your base are belong to us” meme.
“Our true competition,” Musk wrote, “is not the small trickle of non-Tesla electric cars being produced, but rather the enormous flood of gasoline cars pouring out of the world’s factories every day.
We believe that Tesla, other companies making electric cars, and the world would all benefit from a common, rapidly-evolving technology platform.
Many investors saw this as a great move for Tesla.
In order for electric cars to become more popular with the public, a charging infrastructure needs to be in place that will make it easier for people to drive electric cars long distances.
With Tesla open-sourcing its technology, other car manufacturers can now participate in providing that infrastructure.
This, in turn, should greatly enlarge the market for all electric cars — including Tesla’s.
In related news this week, executives from Tesla and BMW (XETRA: BMW.DE) met to discuss the future of electric cars in talks that might lead to Tesla sharing its supercharger stations with cars from other manufacturers.
Tesla also had good news this week in its ongoing battle against the dealership organizations, which are trying to pass state laws outlawing Tesla’s direct-to-consumer sales model.
Yesterday, the Governor of New York signed a bill that will allow Tesla to keep its five retail stores in New York State.
There was also good news from New Jersey yesterday.
The State Assembly passed a bill that would reverse the state’s ban on direct car sales.
Next stop for the bill is the New Jersey State Senate.
PowerShares DWA Consumer Cyclicals Momentum Portfolio — PEZ
Tesla had a great week. The stock, however, has been volatile. If you would like to invest in TSLA while reducing your risk, consider the PEZ exchange traded fund.
This ETF from Invesco, which invests in companies that are showing relative strength, currently has 3.86 percent of its holdings in TSLA.
Its top holding, comprise 7.32 percent, is TRW Automotive (NYSE: TRW), followed by The Priceline Group (NASDAQ: PCLN), comprising 7.31 percent.
By Michelle Cook, ETF Daily News