Tesla (TSLA) Shares Slip 14% in Pre-Market after Missing Slot on Updated S&P 500 List

2020-9-8 16:11

Coinspeaker
Tesla (TSLA) Shares Slip 14% in Pre-Market after Missing Slot on Updated S&P 500 List

After enjoying a profitable first half of 2020, Tesla Inc (NASDAQ: TSLA) shares seem to enter the black zone. Notably, the shares have been on the losing streak in the past five days, only to be worsened during Tuesday’s pre-market after dropping over 14% to trade around $359.

The sudden drop is largely attributed to the fact that the Tesla company has missed out its chance to be added as the new member for the S&P 500.

On Friday, the S&P 500 Index Committee decided to add e-commerce site Etsy, automatic test equipment maker Teradyne and pharmaceutical firm Catalent to the S&P 500.

This was in contrast to most investors’ expectations of the Tesla company being added on the spot. According to most of the investors who advocated for Tesla to be listed on S&P 500, the company has managed to report four consecutive quarters in profits after a long period of losses.

Tesla Shares

Having lost the chance to other companies, Tesla shareholders got concerned about the recent unfolding within the EV giant maker. The company recently did reset its outstanding shares after dividing them into five more units.

In addition, the company also announced plans to sell $5 billion worth of shares to the public through the banks to fund its future projects. It was after that announcement that one of the company’s largest outside shareholders sold off a huge chunk of their stake.

Despite being down 16.05% in the past five days, Tesla shares are still up 399% year to date. Besides, they have managed to be up slightly above 47% in the past month, despite the sale market pressure.

Tesla shares have been reported to be largely boosted by speculative trading and not supported by actual fundamentals in the market. Different analysts are beginning to agree that although the company’s long term picture is bright, the short term is full of uncertainty and possible sell-offs.

One thing remains constant as for now, the company is being led by the ambitious CEO Elon Musk who has a deadline to deliver to receive his rewards. Consequently, anything is possible with the company amidst huge market pressure to deliver beyond expectations.

However, as a stock market trader, it is prudent to minimize risk and maximize profits as much as possible and it can get.

Tesla (TSLA) Shares Slip 14% in Pre-Market after Missing Slot on Updated S&P 500 List

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tesla 500 tsla shares 038 updated pre-market

tesla 500 → Результатов: 33


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2019-8-30 09:20