After rallying almost 80% since the beginning of the year — and looking like $400 might be in sight — Tesla shares have retreated over the past week to $360 territory after a top-out at $384.
What's pushing the stock down is no more clear than what pushed it up, besides the usual cocktail of greed and fear, shaken by Tesla's now-legendary volatility.
The only meaningful datapoints on the immediate horizon are second-quarter earnings, due to arrive in about a month; second-quarter deliveries, which Tesla will report in a few days; and the launch of the Model 3 mass-market vehicle.
Earnings should be yet another substantial loss, as Tesla spends cash to launch the Model 3. Deliveries should be in-line with the company's loose guidance for about 50,000 in the first half of the year, although some Tesla watchers think sales could come in a bit light (under 25,000 vehicles) — ironically a good thing if Tesla is focusing on the Model 3 rollout.
Full story at Business Insider