Tesla stock falling fast, down to 106.88, $16 below

[highplainsdem]

where it had closed last week after a brief recovery from a low of 109.10 on the 27th.

[grumpyduck]

1. Cue the Arabs or the Russians?

[dembotoz]

2. this should not be funny but it is n/t

[bucolic_frolic]

3. Based on longest chart, I still see $96-98 as support

And even if that is support, there is often a blowoff move past support for a few hours or days

[Johnny2X2X]

4. Tesla's valuation is based on insane growth

They had good growth if sales in 2022, but it still doesn’t support their stock price. I think the floor is well under $100 and that’s without more bad news like the Tesla that just drove a family off a cliff.

Bottom line is Elmo picked the worst time to go extreme political. Tesla finally has real competition and it was always going to be tough for them when the big automakers got up to speed in EVs.

[Crowman2009]

5. Meanwhile, Nero...I mean Elon...is to busy playing his fiddle...I mean Twitter.

[former9thward]

15. "the Tesla that just drove a family off a cliff"?

Really? The driver had no control over it? The car had a mind of its own? The Tesla wanted to commit suicide?

[tman]

6. $60 here we come

[mobeau69]

7. You mean dollars, not points. Points are used in the indexes, and dollars for stocks.

[highplainsdem]

9. Thanks, just corrected.

[highplainsdem]

12. Actually, I was using it correctly, but saying "dollars" is equally correct:

https://www.investopedia.com/ask/answers/stock-points-meaning/

For stocks, one point equals one dollar. So when you hear that a stock has lost or gained X number of points, it is the same as saying the stock has lost or gained X number of dollars.

[mobeau69]

13. Then I stand corrected. :-)

[mobeau69]

14. Then I stand corrected. :-)

[BSdetect]

8. Remember that when it reaches 10x

Meanwhile they just took another 1.3 million ice cars off the road.

[getagrip_already]

10. this is being driven by quarterly report anxiety.....

And that report won't contain any fallout from loss of sales due to the twitter fiasco.

It is thought to have softer earnings than expected, which means higher expenses or a decline in output. Since they had a backlog of orders, factory output shouldn't have declined just because they lost business.

Next quarter should be interesting since that will show how many canceled orders were received as well as how sales may have been impacted. Some of that anticipation may be loaded into current stock prices.

But as we have seen, corporate earnings don't really drive stock prices any longer. It's institutional investors driving it. If funds are hearing from investors they don't want tesla in their portfolios, that will hit the stock price harder than lower earnings.

[PJMcK]

11. I won't buy a Tesla

And I won't buy its stock.

A few years ago, my broker and I had a conversation about the company and Musk. She's fiscally conservative and my portfolio has benefitted from her perspective. I was think of buying some Tesla stock but she talked me out of it. Her winning argument was that in a few years, Tesla would no longer be the only EV maker and that the stock wouldn't hold its elite status when that happened.

Of course, no one could have predicted Musk's insanity with Twitter. That doesn't help Tesla either.