With half an hour left in the day, shares of Tesla (TSLA) have plunged 11% to $120.69 and could target its 200-day moving average in the days ahead.
Take a look:
The Wall Street Journal’s Money Beat blog blames fires and valuation concerns for Tesla’s troubles, but those issues–particularly the latter–have been around for ages.
Now they seem to matter.
UPDATE: Bloomberg is reporting that Tesla is being investigated for an accident at its factory:
Tesla Motors Inc., the electric-car maker led by Elon Musk, fell as safety officials in California investigate an industrial accident at the company's sole Model S plant that injured three workers…
The company said Nov. 13 that three employees at its Fremont, California, plant were injured by hot metal resulting from a failure in "low-pressure" aluminum casting press. The incident, which Tesla has said won't cause production delays, is the latest in a string of mishaps for the electric-auto maker. Those include three Model S fires as well as its reported third-quarter deliveries that were lower than some analysts expected.
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