Home / Street Sector / Active Movers in Hot Line: Tesla Motors, Inc. (NASDAQ:TSLA), Fortis Inc. (NYSE:FTS)

Active Movers in Hot Line: Tesla Motors, Inc. (NASDAQ:TSLA), Fortis Inc. (NYSE:FTS)

Tesla Motors, Inc. (NASDAQ:TSLA) [Trend Analysis] attempts to attain leading position in street, Shares price changes as it 2.57% to close at $188.66 with the total traded volume of 4.87 Million shares. CEO of Tesla Motors Inc (TSLA) Elon Musk won authorization on Thursday from the electric luxury automaker’s shareholders for an acquisition of SolarCity Corp, the solar energy system installer in which he is the largest shareholder. The stock swap accord, worth about $2 billion, caps a tumultuous year for Musk and Tesla.

The proposed acquisition of SolarCity, a money-losing installer of residential solar power systems, prompted a 13 percent fall in Tesla’s share price following Musk outlined the accord in June.

Tesla stated the accord was “overwhelmingly” agreed by 85 percent of unassociated shareholders. Shares surged 1.3 percent in following-hours trade following gaining 2.6 percent in the regular session to close at $188.66. “Your faith will be rewarded,” Musk told shareholders assembled at the firm’s Fremont, California, facility. The firm has institutional ownership of 66.40%, while insider ownership included 0.10%. Its price to sales ratio ended at 4.89. TSLA attains analyst recommendation of 3.10 with week performance of 1.79%.

Fortis Inc. (NYSE:FTS) [Trend Analysis] increased reacts as active mover, shares raise 1.18% to traded at $29.92 and the percentage gap among open changing to regular change was 0.34%. Fortis Inc. (NYSE:FTS) reported that it has agreed to sell 4,729,729 trust units of Slate Office REIT, representing about 10.3% of the issued and outstanding trust units of Slate Office on a fully diluted basis, in a secondary sale on a “bought block trade” basis at a sale price of $7.78 per trust unit, for aggregate gross proceeds to Fortis of about $36.8 million. The trust units are being sold by Fortis to support its general financing requirements and its objective to invest in the core utility business of Fortis. The sale is predictable to close on November 22, 2016.

The underwriters for the sale are being led by CIBC Capital Markets. Immediately previous to entering into the secondary sale transaction, Fortis owned 4,729,729 trust units of Slate Office. On closing of the sale, Fortis will no longer own any trust units of Slate Office.

 

About Blake Escott

Blake Escott holds junior writer position in SWR. Before joining Streetwise Report, he was a freelance content Writer. He has high-level copywriting experience and particularly experienced in proofreading and editing. He covers news about different companies including all US market sectors. Interests: Commodities, Energy stocks, Sector-wise Stocks analysis, Utilities

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