Dow Jones Futures: Tesla Crashes, Progress Software Falls, Marijuana Stocks Go Higher

Dow Jones futures rose slightly late Thursday, along with S&P 500 futures and Nasdaq futures. Tesla stock continued to crash as the SEC sues Tesla (TSLA) CEO Elon Musk for fraud over his go-private bid. Progress Software (PRGS) sold off on mixed results and weak guidance. Marijuana stocks Tilray (TLRY) and India Globalization Capital (IGC) continued to climb late.




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Dow Jones Futures Today

Dow Jones futures rose 0.2% vs. fair value. S&P 500 futures climbed 0.15%. Nasdaq 100 futures were up 0.2%. Remember that Dow futures, Tesla stock and other overnight action don’t necessarily translate into actual trading in the next regular session.

Tesla Stock Dives As SEC Sues Elon Musk

The SEC sued Tesla CEO Elon Musk for fraud, claiming he willingly tried to deceive shareholders with his go-private, “funding secured” tweets. The financial watchdog agency spelled out how Musk had not secured funding of any kind. The SEC wants to bar Elon Musk from serving as an officer or director of any public company.

Tesla stock plunged 12% to 270.89 in huge volume in late trading. Shares hit a recent intraday low of 252.25, set on Sept. 7.

Elon Musk, in a statement, rejected the SEC claims. Tesla and the SEC had been on the verge of a settlement, but Musk rejected it at the last minute, the Wall Street Journal reported.

The SEC suit will certainly bolster shareholder lawsuits against Tesla and Musk, given the stock’s wild surge and plunge following the “funding secured” tweet.

Tesla’s board, never seen as particularly independent or active, will come under more pressure. Tesla critics and even many supporters have long urged the company to hire a No. 2 to run Tesla’s day-to-day operations and get its manufacturing in order. Now the need is greater, in case the SEC suit leads to Musk’s departure.

Progress Software Stock

Progress Software earnings topped views, but Q3 revenue was lighter than expected. The software company also gave weak Q4 guidance. Progress Software stock fell 14% late. It’s been consolidating for the past eight months, with a declining relative strength line.

Marijuana Stocks Tilray, India Globalization Capital Still Buzzing

Recent marijuana IPO Tilray’s stock rose 3% late after surging nearly 15% to 131.30 in the regular session. Tilray hit 300 intraday last week before crashing.

India Globalization Capital stock gained 12% late after closing 52% higher. India Globalization Capital recently announced plans to sell drinks infused with cannabidiol, a nonpsychoactive compound in cannabis that relieves pain but does not get the user high.

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