: Tesla’s stock breaks record-tying losing streak with best daily gain in nearly a month

by | Dec 28, 2022 | Stock Market

Tesla Inc. shares broke their longest losing streak in more than four years Wednesday, avoiding an ignominious record. Tesla
TSLA,
+3.31%
stock increased 3.3% for its best daily performance in nearly a month, since Nov. 30. Before Wednesday, the electric-vehicle maker’s shares had declined in seven consecutive sessions, their worst losing streak since a seven-session run that ended on Sept. 15, 2018. Tesla has had four losing streaks that hit seven sessions but has never declined for eight straight days, according to Dow Jones Market Data.

Tesla was the most active stock on the day in the S&P 500
SPX,
-1.20%,
with a preliminary volume of 218.7 million shares, which would be the stock’s highest volume since March 5, 2021. Tesla had the second-best gain of the day in the S&P 500, behind only Generac Holdings Inc.
GNRC,
+5.58%.
Generac is one of only four S&P 500 stocks having a worse year than Tesla, falling 72.7% so far in 2022, while Tesla has declined 68%. The other S&P 500 stocks performing worse than Tesla this year are Match Group Inc.
MTCH,
+0.43%,
Align Technology Inc.
ALGN,
-1.47%
and SVB Financial Group
SIVB,
+0.16%.
Tesla shares are still on pace to put up their worst month, quarter and year on record. Shares are down 42.1% in December, which would easily top a 25.2% decline in December 2010. They have fallen 57.5% so far in the fourth quarter, outpacing a 37.5% decline in the second quarter of this year. And they are headed for only their second negative year since the company went public in 2010, after an 11% decline in 2016. See also: Tesla stock is the most oversold it has ever been Tesla has been pressured amid concerns about demand in the fourth quarter, as potential buyers in U.S. await the expected return of tax incentives for purchasing electric cars from Tesla in 2023, as well as a production pause in China and Chief Executive Elon Musk’s focus on Twitter Inc., which he acquired for $44 billion in October. Baird analyst Ben Kallo cut his delivery estimates for 2023 and his price target on the stock in a note Wednesday morning, citing “recent comments on outlook by Musk and potential for weakening of demand,” but he maintained an outperform rating and kept Tesla as a “Best Idea in 2023” pick. “There have been media reports of a production slowdown at Giga Shanghai during January 2023 and price cuts in No …

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