Shares of Tesla Inc. (NAS:TSLA) edged 0.2% lower in premarket trading Wednesday, putting them on track to extend their longest losing streak in seven months ahead of the electric vehicle maker's earnings report. The stock 2.1% on Tuesday, not only the fourth-straight loss, but the fourth-straight loss of at least 2%. The stock has dropped 8.5% during its losing streak, which is the longest since the six-day stretch of losses ended March 18. Tesla is scheduled to report third-quarter results after the closing bell, with analysts surveyed by FactSet expecting, on average, earnings of 57 cents a share and revenue of $8.28 billion. The stock had dropped 5.0% the day after Tesla reported second-quarter results, even though the company beat profit and revenue expectations; in the five days leading up to those results, the stock had gained 3.0%. Tesla's stock has soared more than fivefold (up 404.3%) year to date through Tuesday, while the S&P 500 (S&P:SPX) has gained 6.6%.
Oct. 21, 2020, 9:15 a.m. EDT