From its Cyber Rodeo event and aggressive expansion and production goals, to a bid to buy Twitter by CEO Elon Musk, there's no shortage of news on Tesla. And that's without even mentioning Musk's SpaceX endeavors. Now Tesla stock has earned a spot on IBD Leaderboard as it sets up a potential breakout.
In response to Musk's $43 billion bid to buy all outstanding shares of Twitter stock, the social media company's board of directors adopted a "poison pill" to thwart the acquisition. The move makes it more difficult for Musk to increase his ownership of TWTR stock beyond 15%.
As reported by The Wall Street Journal, the Tesla CEO's vision for Twitter is a private social media company with less content moderation and an edit button.
Meanwhile, Tesla keeps its foot on the throttle, pushing the electric vehicle (EV) revolution as competition from Ford, Li Auto, BYD, General Motors and others heats up.
Tesla EVs Keeps On Trucking
Tesla's lineup of passenger cars includes the Model S, Model 3, Model X, and Model Y. The high-performance Roadster is scheduled to go into production in 2023. The EV maker also has its eyes on the truck market with the upcoming Cybertruck.
As part of its aggressive expansion plans, the company also continues to push production of the Tesla Semi, currently in the "limited production" phase. Billed as the "safest, most comfortable truck ever," the Semi is built in Austin, Texas, with the battery packs that power it manufactured nearby.
To ease "range anxiety" and keep it EVs powered up, Tesla has a global network of over 30,000 Superchargers. Tesla also offers the Powerwall, an integrated battery system that reduces reliance on the grid by storing solar energy for backup protection.
Over 50 countries have deployed industrial installations for commercial solar energy, with over 1,000 industrial sites in operation.
Tesla Outpaces 95% Of All Stocks, Including EV Rival Li Auto
With a 95 Composite Rating, Tesla stock is outpacing 95% of all companies in terms of the most important stock-picking criteria.
That includes topping the Composite Ratings for fellow leaders in the automakers industry group, including Li Auto (73), Ferrari (72), Toyota (56), Ford (35) and GM (19).
Over the past three years, Tesla has posted average annual earnings growth of 211%. Sales growth during the same period has averaged 33%.
Tesla is on tap to report Q1 earnings after the market close on Wednesday. After delivering over 310,000 vehicles in the first quarter despite supply chain challenges and factory shutdowns, analysts expect the company to deliver 143% EPS growth.
Will TSLA Stock Rev Up Next EV Breakout?
Tesla has risen in rocky fashion since pulling back from a high reached in January of 2021. The stock made a nice, but short-lived gain after breaking out in October of last year.
After pulling back from that move, TSLA stock ended up resetting its base count earlier this year by undercutting the low in its prior chart pattern.
With its relative strength line trying to get back to a new high, Tesla is now working on a first-stage cup with handle showing an 1,152.97 buy point.
TSLA stock remains above its 50-day moving average but is struggling with the 1,000 mark. Keep an eye on that line of resistance for the entry price as Tesla gets set to report earnings this week.
On Monday, Tesla rose just under 2% in below-average volume. Twitter rose nearly 8% in volume 230% higher than normal.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
