Diamonds and Dogs
Chips rebounding into the quarter end. Graphic chip maker, Nvidia (NVDA) is up 4% thanks to a bullish upgrade at Evercore with a $400 price target, 43% above current levels. Intel (INTC) is rebounding up 2% after opening lower after making comments that chip supply is tight, but should have enough supply to meet the full-year revenue outlook. Intel is investing a record $15 billion in capital expenditures to meet the demand.
A bad day for Elon Musk and Tesla (TSLA). Tesla is down 11% after the SEC charged founder and CEO, Elon Musk with fraud when he tweeted last month that he was considering taking the company private with funding secure, when in fact, he did not have secure funding. The controversial CEO of Tesla and SpaceX also made headlines earlier in September after smoking marijuana and sipping whiskey during a live interview. The SEC civil action may lead to Musk's exit from Tesla or, at the very least, have him step down as CEO. Not good news for either Elon or the company.