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Tesla Motors Sues Atlas Technologies

by Zacks Equity Research
July 22, 2013 | Comments : 1 Recommended this article: (0)
NSANY GS GM TSLA

Tesla Motors Inc. (TSLA – Snapshot Report) sued machinery maker Atlas Technologies Inc. regarding an arbitration agreement. In a July 16 filing with Delaware Chancery Court, the electric carmaker revealed that Atlas executives are refusing to honor an agreement to “arbitrate a contractual dispute”.
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Atlas Technologies is a unit of Productivity Technologies Corp. and is based in Fenton, Mich. It manufactures equipment used in the car-production process

TSLA more than tripled this year. The stock recorded an all-time high of $133.26 on Jul 15, the day it debuted in NASDAQ-100, but started falling, witnessing its biggest one-day drop of 14.3% to $109.05 on Jul 16 since Jan 2012 due to a bearish report by Goldman Sachs (GS – Analyst Report) on the stock. However, the stock started escalating again, rising 9.7% last Friday since Jul 16.

The turnaround gain of TSLA was attributable to optimism raised by some brokerage firms about the automotive industry in the U.S. as well as about the company being a leading electric vehicle maker. Moreover, Fed chairman Ben Bernanke’s recent announcement of continuing with the stimulus policies raised optimism among the investors.
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