Tesla falls as Cybercab launch leaves investors wanting more
TSLA•Shares fall after Cybercab rollout
- Tesla's TSLA.O shares fell 6% to $352.9, underperforming its Mag 7 peers and among top decliners on the S&P 500 .SPX.
- The stock is also giving up a 5.4% gain in the previous session ahead of the Cybercab launch at Austin, Texas.
- It is heading for its biggest one-day drop since July 23.
- Tesla boss Elon Musk, however, skipped the event on Thursday and analysts said executives offered scant details on pricing and plans to fully deploy the vehicles, disappointing investors.
- "If Elon Musk was not involved in the rollout and no real information was offered, people could only assume...no news is bad news," said Sam Stovall, chief investment strategist at CFRA Research.
- Hours after the rollout, the U.S. National Highway Traffic Safety Administration said it has opened an audit into about 1,000 Cybercab vehicles.
- Twenty-five of 54 brokerages rate the stock "buy" or higher, 23 "hold" and six "sell" or lower; median PT is $406.50, according to LSEG-compiled data.
- Including the session's moves, the stock is down 21.2% year to date.
