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TESLA TO CUT EMPLOYEE PAY AMID VIRUS SHUTDOWNS; SHARES FALL -

08-Apr
20:27 IST

Tesla’s stock is currently trading at 543.43-lower by 0.37% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.69%. The stock has pared all of its earlier gains and turned negative after the opening bell.

According to market sources, the electric carmaker will cut pay for all of its salaried employees and will temporarily layoff hourly workers until next month. The company intends to resume the production of electric cars on the 4th of May. Salary deductions are expected to be in place until Q2. The electric carmaker wind down production at its main vehicle assembly plant in Fremont, California.

The company announced last week that it delivered about 88,400 vehicles in the first quarter of this year. Deliveries were above the market expectation of 79,900. Tesla suspended the production of vehicles at Shanghai in January and February. The company disclosed that it would comfortably make more than half a million units this year at its fourth-quarter earnings call in January. Tesla is scheduled to report its first-quarter earnings on 22nd April. Stocks of the electric carmaker have gained about 29% Year-to-date.

On the technical front, the RSI is currently at 49.55% and suggests that the market can move in the downward direction. The current price is above the MA20. The current price is above the middle line of the Bollinger bands but is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT SELL AT 545 TAKE PROFIT AT 535 STOP LOSS AT 550

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