NEW YORK, NY / ACCESSWIRE / July 30, 2018 / Tesla's CEO Elon Musk resorted to some unusual taunting on his Twitter over a user on Seeking Alpha that had some critical comments on Tesla's finances. Shares closed down over 3% on Friday. Shares of Avalon Holdings were skyrocketing again that day, adding to the big gains the stock saw all week, despite no news, or catalyst to explain the unusual rally.
RDI Initiates Coverage on:
Avalon Holdings Corporation
Tesla, Inc. shares closed down 3.09% on Friday with roughly 5.5 million shares traded. The electric vehicle maker's CEO Elon Musk was at it again, defending the company from nay-sayers. According to reports, Musk had contacted a blogger who criticized the company on Seeking Alpha, a financial analysis website. The blogger used the pseudonym Montana Skeptic and had a thousand followers on Twitter and Seeking Alpha for their remarks on Tesla's finances. Recently Tesla made headlines after a Wall Street Journal report broke the news that the Model 3 maker had asked suppliers for cash back. Tesla responded to the WSJ report and said that it had asked fewer than 10 suppliers for reductions in total capital expenditure spending on projects that begin in 2016 but are still not complete. A company spokesman said, "Negotiation is a standard part of the procurement process, and now that we're in a stronger position with Model 3 production ramping, it is a good time to improve our competitive advantage in this area. We're focused on reaching a more sustainable long-term cost basis, not just finding one-time reductions for this quarter, and that's good for Tesla, our shareholders, and our suppliers who will also benefit from our increasing production volume and future growth opportunities."
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Avalon Holdings Corporation shares closed up a little over 80% on Friday with roughly 13.6 million shares traded. The stock hit a new high of $11.21 during intra-day trading. There has been no news nor catalyst to explain the stock's rally of over 350% last week. Shares moved from under $3 to over $10 on high volume. The company provides waste management services to industrial, commercial, municipal, and governmental customers in the United States. It operates through Waste Management Services, and Golf and Related Operations segments. It was back in May that the company announced first quarter financial results, revealing that net revenues were $11.5 million compared to $10.7 million in the year ago period. The company also reported a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first quarter of 2018 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first quarter of 2017.
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