Tesla's stock price could fall another 5-10% if a negative 'herd mentality' prompts 'massive selling'
, even though the automaker ticked off many eligibility requirements and was widely expected to make the cut. Shares in the company, which have risen almost 350%, fell by a record 21% in one day on Tuesday, after it failed to qualify for entry.
"I don't think that they're gonna replace an Exxon. But if anything it would be included in 2021, or at least there will be talks about doing so," he added. Oil and gas producer ExxonMobil was evicted from the Dow Jones Industrial Average last month after almost a century of membership, and replaced by cloud-software company Salesforce. Tesla's stock price then recovered over the next two trading days, to close 1% higher at $371.34 on Thursday, following reports the company is making progress at itsTesla also enacted a planned 5-for-1 stock split on August 31.He said the fact that the stock surged even on the day of the split showed the irrationality behind the buying in the shares. Tesla could fall as low as $200-250, when he would then look to"gobble up shares" in that price range, Kalayjian said. Even if his most pessimistic forecasts were right and the shares fell towards those levels, this would still only take the stock back to where it was in early July.The UK economy grew 6.6% in July, its third straight rise, but has recovered only about half of lost output »
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