Tesla Under Pressure After Downgrade

Tesla Inc TSLA shares are trading lower by $11.00 (3 percent) at $313.81 in Monday's session.

The catalyst for the decline is a downgrade from Morgan Stanley's Adam Jonas, who lowered his rating from Overweight to Equal-Weight, citing "market expectations [being] too high."

See Also: Morgan Stanley's Adam Jonas Downgrades Tesla, Says Market Expectations Are Too High

So far, Tesla's much lower opening tick of $318.38 has turned out to the high for the session. At this time, the ensuing decline has taken the stock to $312.53 and rebounded back into the $213.00 handle.

If the decline continues, the next daily support level comes in at its May 9 low of $309.10.