| 5:14 PM EST

Tesla Shares Jump on Morgan Stanley Speculation

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Shares in Tesla Inc. jumped on Tuesday amid speculation that Morgan Stanley may join Goldman Sachs Group in advising the company about going private.

Both firms have announced they are suspending research coverage of Tesla. Goldman did so last week and announce it would be advising Tesla CEO Elon Musk. Morgan Stanley offered no reason for its action.

Tesla shares, which opened today at $310 per share, quickly jumped to more than $342 before closing at $322, up 4%. The intraday high marked the stock’s biggest gain since Musk tweeted his interest in privatizing the company at $420 per share.

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