Tesla Inc Stock Rallies 10% On Reports Of Plans To Restart Production

With company reports aiming to partially restart production later this week, Tesla's stock rose 10 percent to nearly 792 per share in Tuesday's morning stock session.

After meeting first quarter delivery exceptions, the electric car manufacturer is also expected to announce its earnings for the first quarter, Wednesday.

Tesla's share price broke out over a new buy point at $775.05, with the buy range expanding to $813.80, according to a Leaderboard report by IBD. Tesla currently has a ranking of 85 out of a best-possible 99, according to the IBD Stock Checkup chart, meaning the company's stock actually reaches 85 percent of all stocks.

A Bloomberg report on Saturday said supervisors told some workers in the factory's paint and stamping units in Fremont, California, to report to the plant on Wednesday.

But the plan was reportedly stopped when the medical officer of Alameda County, where Fremont is situated, including five other counties in the San Francisco Bay area disclosed they would release a modified stay-at-home order later this week. The statement keeps existing restrictions in effect. The orders were scheduled to expire May 3.

Last month, Tesla and local authorities tussled over whether the production plant, Tesla's only U.S. vehicle-making facility, was a vital business, with the company resisting calls for it to be closed, which it finally did at the end of March. In the past four quarters, Tesla's shares have moved up 236 percent, compared to losses of around 3 per cent for the S&P 500 index.

Tesla investors may get a better information on the electric vehicle manufacturer's next moves when it reports first quarter earnings this week. The company is set to post its latest quarterly income after markets close on April 29.

Tesla's stock has so far had a wild ride for the better part of the year, and the stock has roared back after a bit of a slump in the past seven sessions. In the last seven days, the electric vehicle maker saw its stock surge by as much as 55 percent.

Tesla was initially supposed to ship over half million cars this year but this number has been revised by analysts to around 420,000.

Tesla stock has a top Relative Strength Rating of 99 over 99. The ranking monitors market leadership and shows how shifts in prices of a stock has measured against all other stocks over the past 52 weeks. Wall Street analysts see the company's sales jumping 36 percent to $6.16 billion.