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Shares of Tesla (NASDAQ: TSLA) are trading lower Friday morning amid Solar City’s (NASDAQ: SCTY) second quarter results Thursday afternoon.

Solar City shares are up 4.6 percent after a better-than-expected bottom line figure.

Tesla’s weakness may not have any correlation with Solar City’s earnings report, but traders may want to watch the issue as the two stocks often move in tandem.

The move may also be attributed with profit taking. Shares of Tesla are up 13 percent in July alone.

Investors should also note that volume is light.

Shares of Tesla were last trading at $252.00, a 0.15 percent decline. The stock traded as low as $248.08.

Posted-In: Trading Ideas

 

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