Market Overview

Tesla Tanks After Mixed Q3 Report

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Tesla Inc (NASDAQ: TSLA) shares are trading lower by $24.20, or 7 percent, at $296.88 in Thursday's session.

After the bell on Wednesday, the company posted a wider-than-expected loss, but exceeded revenue projections by $8.5 million. The Street also wasn't pleased with lowered delivery projections.

After a lower open, Tesla attempted to rally but came well shy of the lower-end of Wednesday's range ($320.26), only reaching $308.69 before continuing its move lower. The ensuing decline took the stock to $292.63 and is struggling to reenter the $300.00 handle.

That marks the lowest level for the stock since May 4, when it bottomed at $290.76. On that same day was the last time it closed under the psychological technical level of $300, when it ended that day at $295.46.

That day provided the foundation for the stock that resulted in a new all-time high in September at $389.61.

Posted-In: Technicals Intraday Update Movers Trading Ideas

 

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