Author: Claudia Assis

: Tesla stock closes at record on the heels of Uber-Hertz deal

Shares of Tesla Inc. ended at a fresh record on Wednesday as Hertz Global Holdings Inc. and Uber Technologies Inc. said the rental-car company would offer Tesla vehicles for ride-hailing.

Tesla TSLA, +1.91% stock traded as high as $1,070.88 before closing at $1,037.86 on Wednesday, the latest in a string of records for the electric-vehicle maker.

Earlier Wednesday, Uber UBER, -2.80% and Hertz HTZZ, -1.60% said the car-rental company would supply up to 50,000 Tesla cars to Uber drivers. The rented Teslas could be in service as soon as next week in a few U.S. cities, with a nationwide rollout planned for later.

Tesla stock has gained 14% so far this week, boosted by news Monday that Hertz plans to order 100,000 Teslas for its rental-car fleet. Monday’s 12% rally and record close pushed Tesla’s market valuation past $1 trillion.

So far this year, Tesla shares have gained 50%, compared with gains of around 22% for the S&P 500 index SPX, -0.51%.

Earnings Results: Ford raises guidance, says chip shortage is easing

Ford Motor Co. stock rose more than 3% in after-hours trading Wednesday after the auto maker reported mixed third-quarter results but raised guidance for this year, resumed paying a dividend and said chip shortages are easing.

Ford F, -2.70% said it earned $1.8 billion, or 45 cents a share, in the third quarter, compared with $2.4 billion, or 60 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 51 cents a share.

Revenue fell 5% to $35.7 billion from $37.5 billion a year ago.

Related: More electric pickup trucks are coming to market. The question now is who will buy them?

Analysts polled by FactSet expected the auto maker to report adjusted earnings of 27 cents a share on sales of $38.2 billion.

The company cited “high demand” for its new vehicles, including EVs. “This is the most exciting Ford lineup I’ve seen,” Chief Executive Jim Farley said in a statement.

Ford increased its guidance for full-year 2021 adjusted EBIT to between $10.5 billion and $11.5 billion.

“Semiconductor availability remains a challenge, but markedly improved from the second quarter,” helping lifting North American shipments.

Ford will resume paying a dividend in the fourth quarter, it said.

Ford shares last week rallied to a six-year high, getting a boost from Credit Suisse turning bullish on the shares and rating it a buy.

See also: Chasing Tesla: Here are the current electric vehicle plans of every major car maker

Shares of Ford have gained 78% so far this year, compared with gains of around 22% for the S&P 500 index SPX, -0.51%.