, previously closing down 3% at $251.12, a trend that continued in pre-market trading. Still up slightly more than 100% for the year, investors are anxiously looking ahead to the earnings Tesla will report Wednesday.
As the report edges closer, many investors, according to Morgan Stanley's Adam Jonas, are not feeling very positive about the quarter.Dojo and Tesla's self-driving; a further delay in the full production and mass delivery of the new Tesla model, Jonas said, could cause another round of price cuts, something that is feeding the negative sentiment around the stock.
Last year, a Tesla Model 3 started at $48,000. Now, the same vehicle is available for less than $40,000. Allison Dinner/Getty Images"The price war in China is a high stakes poker game for Tesla as so far the 'volumes over margin' thesis has worked well to gain market share," Wedbush analyst Dan IvesIves noted that the price war, alongside gross margins, will be a"major focus" for Tesla's outlook post-earnings., will fall to 17.
"We agree with the consensus that the performance of Tesla stock following the print will likely be driven by comments on the forward outlook," Jonas wrote.Stocks edge higher, Tesla, Powell in focus, Pfizer slumps, Taylor Swift shines, Lululemon enters S&P 500 - 5 Things To Know
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