Hyperdrive
Tesla’s Slide Has Investors Wondering If It’s Still Magnificent
- EV maker’s sliding profit estimates stand out among Mag 7
- ‘Tesla has become a one-product company,’ Cowen’s Obsorne says
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If you’re building a list of the most important stocks in the market, Tesla Inc. has to be on it. Or does it?
That’s part of a growing debate on Wall Street, where shares of Elon Musk’s electric-vehicle maker are tanking as the rest of the market rallies — and the company is warning that things may not get better for a while. An original member of the so-called Magnificent Seven tech stocks that have been driving the S&P 500 Index to new heights, traders are now wondering if Tesla’s name belongs next to those other powerhouses.