money seemed to flow over to the dow today! Wonder if it has to do with earnings from TSLA or the upcoming Tweeter IPO that CNBC has been slamming all day! Folks are scared of the Naz it seems.
...SAN FRANCISCO (MarketWatch) -- A more than 10% drop in Tesla Motors Inc. TSLA -14.96% shares near the opening bell tripped a short-sale circuit-breaker at the Nasdaq Stock Market Wednesday. The circuit breaker is designed to slow shorting -- or borrowing shares in a bet the stock will fall further --in an already falling stock. Tesla shares fell nearly 13% shortly after the open and were last down 11% at $157.14 a share. The selloff follows a third-quarter earnings report that beat expectations on adjusted sales and profit but contained information on deliveries that fell short of some estimates. Even with Wednesday's pullback, the stock is still up 370% this year. Some 26% of shares are sold short.
I think I read somewhere that up to 25% of the shares can be shorted! I'll fish around to see where I found it.
DETROIT, Nov 5 (Reuters) - Tesla Motors Inc(TSLA) reported on Tuesday a stronger-than-expected, third-quarter profit, but offered a fourth-quarter outlook that fell short of Wall Street estimates and the company's shares fell in after-market trading.
The electric car company reported an adjusted profit of 12 cents per share, better than the 11 cents per share expected by analysts, according to Thomson Reuters I/B/E/S.
But Tesla, run by billionaire Elon Musk, said it expected its fourth-quarter profits to be "about consistent" with the third quarter. Analysts had expected Tesla to report a fourth-quarter profit of 20 cents per share.
CORRECTION: Tesla Beats Q3 Expectations, Sets Deliveries Targets for Q4 - Slumping 9% in After-Hours
MIDNIGHT TRADER 4:16 PM ET 11/5/2013
04:16 PM EST, 11/05/2013 (MT Newswires) -- An earlier MT Newswires story incorrectly pegged Tesla's (TSLA) Q3 revenue as below Street estimates. The story should have stated Tesla reported Q3 non-GAAP revenue of $603 mln, better than the analyst consensus of $511 mln on Capital IQ. Earnings were $0.12 per share, vs. expectations of $0.10 per share.
For Q4, the company expects to deliver slightly under 6,000 Model S vehicles, which increases total expected deliveries to 21,500 vehicles worldwide for 2013. Non-GAAP profitability is expected to be consistent with Q3.
Price: 161, Change: -15.80, Percent Change: -8.9