Will Tesla Break Below $160 For 1st Time In About A Year? Why EV Maker's Stock Is Sliding Premarket Today
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) shares are facing a potential third consecutive session decline, premarket trading shows a 1.98% drop to $161.48. This downturn is attributed to concerns over significant layoffs, including high-profile executives, which erased about $30 billion from its market cap. The upcoming Q1 earnings report and rumors of halting a sub-$30,000 electric car project have also contributed to negative sentiment. Additionally, weak insurance registration data in China could further impact Tesla's stock.
April 16, 2024 | 9:23 am
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NEGATIVE IMPACT
Tesla's stock is under pressure due to significant layoffs, a potentially negative upcoming earnings report, rumors of halting a budget electric car project, and disappointing insurance registration data in China.
The combination of layoffs, including key executives, and the anticipation of a negative earnings report contribute to a bearish outlook for Tesla. Rumors of halting a significant project and poor performance in the Chinese market, as indicated by insurance registration data, further exacerbate concerns about Tesla's short-term prospects.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100