Tesla Shares Are Trading Lower Today: What's Going On
Portfolio Pulse from Vaishali Prayag
Tesla shares are trading lower due to several recent announcements. CEO Elon Musk confirmed the cancellation of the Plaid+ variant of the Model S, with the high-performance niche to be filled by the Roadster in 2025. Additionally, Tesla is recalling 1.85 million vehicles in the U.S. due to a risk of unlatched hoods obstructing drivers' views. Despite an over-the-air update, the recall has negatively impacted market sentiment. Tesla's recent earnings report showed an EPS of 52 cents, missing estimates of 62 cents, but revenue of $25.500 billion exceeded forecasts of $24.726 billion.
July 30, 2024 | 8:09 pm
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NEGATIVE IMPACT
Tesla shares are down 4.08% following the cancellation of the Plaid+ Model S, a recall of 1.85 million vehicles, and mixed earnings results. The recall, despite an over-the-air update, has contributed to negative market sentiment.
The cancellation of the Plaid+ Model S and the recall of 1.85 million vehicles are significant negative events that have contributed to the decline in Tesla's stock price. The mixed earnings report, with EPS missing estimates but revenue exceeding forecasts, adds to the volatility. The recall, in particular, is a major issue as it affects a large number of vehicles and has safety implications, which can lead to negative market sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100