The price of Tesla’s Brand Damage
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On this episode of Stock Movers:
• Tesla (TSLA) shares are down again after one of Wall Street’s most bearish analysts further reduced estimates for the company’s earnings, citing the magnitude of car-buyer backlash against Elon Musk. Tesla’s first-quarter vehicle deliveries were far below even JPMorgan Chase & Co. analyst Ryan Brinkman’s pessimistic estimate, “confirming the unprecedented brand damage we had earlier feared,” he said in a report Friday.
• Nvidia (NVDA) declined as much as 7.5% to test a support zone between $91 and $96 dating back to the May 22 high and the August 5 low, respectively. On March 20, Nvidia’s 50-day moving average fell below its 200-day moving average, forming the stock’s first bearish death cross pattern in two years.
• Wayfair (W) shares slid 11% in premarket trading, putting the stock on track to extend declines after Citi downgraded the online furniture retailer to neutral from buy. Analyst Ygal Arounian said President Donald Trump’s tariff announcement “created significant exposure” to the supplier base of Wayfair, and sees eBay as better positioned.
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