Hyperdrive
Tesla Records Longest Weekly Losing Streak in Three Years
- The shares have taken a hit amid incremental bad news
- Pressure unlikely to ease anytime soon, Roth analyst says
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Tesla Inc. shares hit a gloomy milestone -- dropping for a fifth straight week -- after several unflattering headlines and the unveiling of a formidable electric pickup truck by Ford Motor Co.
The stock closed down 1.5% for the week, at $580.88. It is the longest weekly losing streak for Elon Musk’s EV company since March 2018, coming as investors started avoiding riskier stocks amid growing concerns about inflation and its impact on the U.S. economy, as well as some intense flare-ups of Covid-19 infections in some countries.