Stocks rallied to start the week, with the S&P 500 racing to an all-time high. The benchmark U.S. equity index finished higher by 0.34%.
GoPro Inc (GPRO)
Shares of wearable camera maker GoPro Inc soared 13.3% on volume that was more than double the daily average. Although there was no specific news on GPRO out Monday, the stock is flirting with its highest levels in almost three months.
An additional catalyst potentially looms for GPRO shares — that being elevated short interest. Short interest in GPRO is at a five-month high of 26.9 million shares, according to MarketWatch.
With the stock up more than 20% over the past month, short sellers could be forced to cover losing GPRO bets, forcing shares of GPRO even higher.
Kinder Morgan Inc (KMI)
Shares of pipeline operator Kinder Morgan Inc climbed 3.7% on above-average turnover after the Houston-based company said it will sell a 50% stake in a natural gas pipeline to electric utility Southern Co (NYSE:SO).
It is believed the deal will help KMI trim its hefty debt burden, potentially putting the company back on track to restore dividend growth. Once a beloved stock for income investors, KMI earlier this year slashed its dividend to conserve cash.
KMI’s “debt to earnings before interest, taxes, depreciation and amortization” probably will fall to 5.3 by the end of this year, lower than Kinder’s earlier target of 5.5, Bloomberg reported, citing KMI Chief Financial Officer Kimberly Dang.
Tesla Motors Inc (TSLA)
Elon Musk’s Tesla Motors Inc saw its shares rise 3.7% after Musk revealed in a Tweet out Sunday that he is hoping to reveal the second part of his “top secret masterplan,” perhaps as soon as later this week.
Shares of TSLA are down more than 6% this year as the California-based company is grappling missed delivery targets. TSLA recently said it will miss full-year delivery targets of 80,000 to 90,000 vehicles, according to Investor’s Business Daily.
TSLA is also dealing with the fallout from two crashes, one involving a fatality, related to the Autopilot self-driving system, reports IBD.
As of this writing, Todd Shriber owned shares of KMI.