Tesla's Stock Goes Reverse Turbo Premarket: What's Going On?
Portfolio Pulse from Shanthi Rexaline
Tesla's stock experienced a premarket decline following the company's announcement of a price reduction for its Model Y Long Range and Performance variants. The company also introduced a time-limited insurance subsidy for inventory Model 3 rear-wheel drive vehicles. The stock has been under pressure since the Q2 earnings report due to uncertainty surrounding its margin prospects. In pre-market activity, Tesla's stock dipped by 2.23% to $237.25.
August 14, 2023 | 11:43 am
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust, which tracks the S&P 500 Index, registered a 0.20% increase during the same period when Tesla's stock dipped.
The SPDR S&P 500 ETF Trust, which tracks the S&P 500 Index, registered a 0.20% increase during the same period when Tesla's stock dipped. This indicates that the ETF is not directly impacted by Tesla's stock movement.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Tesla's stock price is under pressure due to the announced price reduction for its Model Y variants and uncertainty over margin prospects.
The price reduction for Tesla's Model Y variants and the introduction of a time-limited insurance subsidy for inventory Model 3 rear-wheel drive vehicles could potentially impact the company's margins. This, coupled with the uncertainty surrounding its margin prospects, is putting pressure on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100