Tigress Financial Partners' Ivan Feinseth On Tesla Trading Down: Tech Sector Is Selling Off
Ivan Feinseth, chief investment officer for Tigress Financial Partners, told Benzinga that the reason Tesla Motors Inc (NASDAQ: TSLA) is trading down Wednesday is because the whole tech sector is selling off.
“I think [Tesla] is as much of a tech stock as it is an auto stock,” he said.
Morgan Stanley came on CNBC Tuesday and said that there isn’t much opportunity for investments in the tech sector, Feinseth explained, which is the same thing that’s causing the sell-off in Apple Inc. (NASDAQ: AAPL).
He pointed out that there is nothing else fundamental that happened to Apple that changed over the past few days to make the stock come down.
Tesla is trading down today as a result of “some shifting, trading, profit taking and market factors.”
“It’s more market factors than anything else,” he said.
Brianna Valleskey contributed to this report.
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