Tesla shed as much as 10% Friday, pulling back on a searing rally that saw shares hit multiple all-time highs in recent weeks. Most recently, the stock's gains have been driven by a blockbuster second-quarter earnings report and optimism that it may soon be included in the S&P 500. Despite Friday's hiccup, the automaker's stock is up more than 240% year to date. Watch Tesla trade live on Markets Insider. Read more on Business Insider.
Shares of Tesla shed as much as 10% Friday as its recent epic rally took a pause. The company reported blockbuster second-quarter earnings this week that beat Wall Street's expectations and showed a fourth consecutive quarter of profit. That was the final milestone Tesla needed to accomplish to be considered for inclusion in the popular S&P 500 Index. Optimism that Tesla would meet the goal drove shares to multiple fresh highs ahead of the earnings release — Tesla hit an all-time high close of $1,643 per share on Monday. Shares popped as much as 6% early Thursday following the company's earnings report, but pared those gains to finish the day lower. Tesla traders may be taking some profits following the stock's epic run that sent shares up nearly 300% year to date at recent highs. Read more: Bernstein says buy these 13 dividend-rich stocks built to capitalize on a trend not seen in 65 years While a slew of analysts including Tesla bears and bulls increased price targets on the automaker following its earnings release, the group is still largely skeptical of the company as a whole. Next, investors will be watching to see if Tesla is indeed included in the S&P 500. They'll also be anxiously awaiting the company's Battery Day event, scheduled to be held on September 22 at its factory in Fremont, California. Still, even with Friday's losses, Tesla stock is up more than 240% year to date. Read more: Jason Tauber is crushing the market this year by finding the tech companies enabling the biggest disruptions. He told us how he's adjusting his game plan as valuations soar — and 7 of his top picks today. Join the conversation about this story » NOW WATCH: Pathologists debunk 13 coronavirus myths
More like this (3)
Summary List Placement CrowdStrike rallied as much as 16.9% on Thursday after beating earnings expectations across...Summary List Placement CrowdStrike rallied as much as 16.9% on Thursday after beating earnings expectations across the board. The cybersecurity company's fiscal third-quarter profit and revenue landed well above estimates. CrowdStrike also lifted its forward guidance above Wall Street's forecasts. The leap placed shares at record highs. Watch CrowdStrike trade live here. CrowdStrike leaped as much as 16.9% on Thursday after the cybersecurity company's...
We asked hundreds of millennial investors for their top long-term stock pick. Here are the top 7 most popular responses.
Business Insider assembled a panel of hundreds of young investors who volunteered to share their views...Business Insider assembled a panel of hundreds of young investors who volunteered to share their views about the markets. This is a self-selected group of people under the age of 35 who have a brokerage account. Respondents were asked which single stock they'd most like to hold on a long-term basis. Amazon was the most popular pick, with more than 9% viewing the stock...
Tesla shares are far too expensive to recommend after more than tripling in 2020, Bernstein analyst...Tesla shares are far too expensive to recommend after more than tripling in 2020, Bernstein analyst Toni Sacconaghi wrote in a note. The firm lowered its rating on Tesla stock to "underperform" from "market-perform" on Tuesday and maintained a $900 price target, implying shares will tumble 42% over the next year. Even after the automaker beat earnings and crept closer to being included in...