Elon Musk Tesla's Strong Run 'Might Be Over' For Now, Says Investing Champion
Portfolio Pulse from Ananya Gairola
Investing champion David Ryan suggests that Tesla's strong performance might be slowing down, pointing out that the company's stock had made three significant moves since June 21, but the latest move occurred in lower trading volume, followed by a pullback with higher-than-average volume. Portfolio manager Irusha Peiris sold a portion of his Tesla stock when it fell below the 21-day line, expressing disappointment in its performance. After Tesla reported its earnings, the company's shares experienced a sharp drop of nearly 10%, causing it to lose around $90 billion in market capitalization.
July 22, 2023 | 3:11 am
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NEUTRAL IMPACT
Broadcom Inc was mentioned as a comparison to Tesla, with the implication that Tesla is not on the same level.
Broadcom Inc was mentioned in the context of a comparison to Tesla, but no specific information about Broadcom was provided.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Nvidia Corp was mentioned as a comparison to Tesla, with the implication that Tesla is not on the same level.
Nvidia Corp was mentioned in the context of a comparison to Tesla, but no specific information about Nvidia was provided.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Tesla's strong performance might be slowing down, as indicated by lower trading volume and a pullback with higher-than-average volume. The company's shares experienced a sharp drop of nearly 10% after reporting its earnings.
The lower trading volume and pullback with higher-than-average volume suggest a potential slowdown in Tesla's positive momentum. The sharp drop in the company's shares after reporting its earnings further supports this analysis.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100