SpaceX and Tesla Both Sink More Than 10% in Morning Trading
SPCX sits 16% above its 52-week low of $104.83.
Summary
SpaceX and Tesla are each down more than 10% in morning trading, per WSJ live coverage. The drop comes roughly two weeks after SpaceX's first public 10-Q showed Q3 revenue of $14,575M, up 161.4%, and net income of $4,404M, with $51.3B of cash and $38.6B of marketable securities. It also follows Musk's Oct. 20 comment that a SpaceX-Tesla merger is a 'good idea' and confirmation that both boards formed special committees — a pairing that now drags both stocks together. The article gives no stated cause for the selloff, so the driver is not yet identified in this report. SpaceX already showed violent swings in August, dropping 14% in one session before rebounding over 20%, so this name has a history of sharp two-way moves.
At the time of this announcement, SPCX was trading at $121.14 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $1.6T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.