Cramer: Bears Are Worried About Tesla
The release revealed that the company sold over 10,000 Model S vehicles during the first quarter of this fiscal year, surpassing management's estimates of 9,500 deliveries.
CNBC's Jim Cramer was recently seen discussing the numbers released by Tesla.
Bears Are Worried
"This was a fabulous short-squeeze," Cramer said. "I mean they come out; I mean what I love, it is the shorts digging their heels. Bank of America was saying it's disappointing. Disappointing? We didn't even expect it!"
Cramer continued, "It's like they aren't suppose to release it and they are disappointed?
"This was a good number and I like the car, but Bank of America says this is only 2 percent sequential growth, reiterates Underperform."
He went on, "The fact is, this is the bears are worried [...] There wasn't even supposed to be a number. Now, was the number good or bad? I don't know; there was a number! It is beginning to look a lot like other car companies."
Was It Ready For A Bounce
Cramer remarked, "The fact is they came out; they issued a release. The stock has been down a lot. The chart was ready for a bounce. Elon Musk taking a look at the chart, I think, he realized it was reverse head and shoulders and he comes out with a great number."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.