Tesla stock was dropping after weak earnings and downbeat comments from CEO Elon Musk. Wall Street wasn’t feeling very bullish after the report.
Tesla stock was down 7.2% in premarket trading at $225.13 a share, while S&P 500 futures were flat and Nasdaq Composite futures were up 0.1%.“No more rose-colored glasses,” wrote Wells Fargo analyst Colin Langan in a research report, adding the outlook for volume growth is unclear and profit margin pressures continue. “Not only was the Cybertruck ramp tempered, but Tesla is waiting on macro before going full tilt on the Mexico plant,” he added. .
The downbeat tone of the call was noticed by more than Michaeli. Wedbush analyst Dan Ives called it a “mini-disaster” in a report. “The Street wanted to get their arms around the falling margins and constant price cuts seen globally, but instead we heard from a much more cautious Musk.”
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