Hilarious. Here's what Tesla did at the end of trading today (via Yahoo):
Does anyone know if AI is now able to distinguish between real news and jokes? The robo-traders playing with TSLA stock clearly aren't making such high level analyses.
April 1 (Reuters) – Shares of Tesla Motors Inc. jumped and trading volume surged in the final minutes of trading on Wednesday after the electric car maker issued a press release proclaiming the launch of a new product that turned out to be an April Fool's Day prank.
In the following minute, the stock jumped about $1.50 or about 0.75 percent from its level the moment before to as high as $188.50.
Nearly 400,000 shares traded in that time, and it was the heaviest one minute of trading volume in the stock since the opening 60 seconds of trading on Feb 12…
"Market" Hits A New Low: Algos Fall For An April Fool's Joke, Send TSLA Surging On Massive Volume
Courtesy of ZeroHedge. View original post here.
One just has to laugh at this point.
Moments ago, the Tesla twitter feed and blog reported that the company was announcing a new car Model, the "W":
Announcing the Tesla Model W
Tesla today announced a whole new product line called the Model W. As many in the media predicted, it's a watch. That's what the "W" stands for.
This incredible new device from Tesla doesn't just tell the time, it also tells the date. What's more, it is infinitely adjustable, able to tell the time no matter where you are on Earth. Japan, Timbuktu, California, anywhere! This will change your life. Reality as you know it will never be the same.
Warning, current version requires wrist strength of an Orangutan.
Studies have shown the Model W will dramatically improve your health. If you work out. And it's available in platinum!
No longer will you need to rudely examine your phone to read text messages. Now you can politely stare at the tiny screen on your wrist without anyone noticing.
This is in no way a competitive response to what some other company is doing.
Clearly, the above was an April fool's joke as anyone who reads more than just the headline would immediately guess. The problem is that Bloomberg's fast response team did not have the time, and immediatley blasted the following:
- TESLA MOTORS: ANNOUNCING TESLA MODEL W
What happened next was laughable. The algos, on massive volume, spiked TSLA stock higher by nearly 1%….
… before realizing they all bought first, and asked questions milliseconds later by responding to a blatant, purposeful and utterly humorous, lie.
And with that we have hit a brand new "low" for this "market."
