Tesla, Inc. TSLA shares could head lower for a second straight session if the premarket losses are sustained in regular trading.
The stock slumped 8.44% on Thursday before settling at $241.03, according to Benzinga Pro data. The weakness came amid rumors that the company might be pushing back the robotaxi unveil event by two months to October. Ahead of Thursday’s pullback, the stock was on an 11-session winning streak during which gained over 44%.
Some of the gains came in anticipation of the Elon Musk-led company revealing some concrete details about its robotaxi service, which will be built on full self-driving (FSD) technology.
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In another catalyst, UBS downgraded Tesla from Neutral to Sell, premising the action on its view that the stock has risen too much, too soon due to the hype around the company’s AI initiatives. Traders may also be apprehensive ahead of the July 23 second-quarter earnings report and prefer moving to the sidelines.
In premarket, the stock fell 1.64% to $237.07, according to Benzinga Pro data.
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