Why Tesla Stock Is Charging Up Before The Opening Bell Today
Portfolio Pulse from Shanthi Rexaline
Tesla Inc. (TSLA) shares are rebounding in premarket trading after a 6% drop last week due to rumors of a scrapped low-cost EV project. Despite CEO Elon Musk's denial, the stock fell 3.63% on Friday. The rebound, with shares up 1.86% to $167.96, is attributed to Musk's announcement of a robotaxi unveiling on Aug. 8, which has analysts optimistic about Tesla's full-self driving software. Gene Munster of Deepwater Asset Management supports Tesla's focus on robotaxis, predicting their deployment by 2027. Technical factors and the stock's bounce off a support level also contribute to the positive outlook, with investors eyeing the upcoming Q1 earnings report on April 23rd.
April 08, 2024 | 11:32 am
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Tesla's stock is experiencing a rebound in premarket trading following a significant drop last week, driven by optimism around the upcoming robotaxi unveiling and technical support levels.
The rebound in Tesla's stock price is directly related to Elon Musk's announcement of a robotaxi unveiling, which has generated positive sentiment among investors and analysts. The technical bounce off a key support level further supports the short-term positive outlook. The upcoming Q1 earnings report on April 23rd will be a critical event for investors, potentially influencing the stock's direction further.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100