Tesla Motors Inc. fell Thursday after Morgan Stanley said the company’s “eye watering” use of cash puts more pressure on a good production start for the Model X sport utility vehicle.
Shares of the electric-car maker led by Chief Executive Officer Elon Musk fell 2.1 percent to $225.68 at 9:37 a.m. New York time. The shares had gained 3.6 percent so far this year through Wednesday, outpacing the 1.4 percent gain by the Russell 1000 Index.
