Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
SolarCity Corp SCTY shares were trading lower by $6.50 (11 percent) at $41.48 in Friday's session. The issue was already deeply in the red when noted hedge fund manager Jim Chanos stated he was short the issue on CNBC just before 12:30 p.m. ET.
That accelerated the move to the downside and caused a spike low to $40.81, that still stands as the low for the day. That marks the lowest level for the issue since it bottomed on August 10 at $36.88.
The issue has shed over 30 percent this month after it peaked on August 5 at $61.72. The all-time high for the issue was made in February 2014 at $88.35.
Today's price action is taking place on much higher than average volume. With one hour remaining, 10.4 million shares have traded compared with its 20-day average of 3.41 million.
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