Tesla Stock Plummets to Fresh Low

Soliton's tattoo removal RAP may get faster-than-expected FDA approval

by Emma Duncan

Published on May 17, 2019 at 2:52 PM
Updated on May 17, 2019 at 2:59 PM

Stocks have mended early losses on the back of bullish economic data, the Dow now pacing toward a close in positive territory. Three names making headlines today are electric car maker Tesla Inc (NASDAQ:TSLA), healthcare firm Soliton Inc (NASDAQ:SOLY), and pharmaceutical name Harrow Health Inc (NASDAQ:HROW). Below, we will dive into what is moving the shares of TSLA, SOLY, and HROW.

TSLA Hits Two-Year Low on Costs, Autopilot Concerns

Elon Musk's Tesla is back in the news today, down 4.7% at $217.42, at last check. Musk reportedly told the company that it will be adopting "hardcore" cost-cutting measures to avoid running out of cash in 10 months. There's also news that the company is making adjustments to its autopilot service in European models, following a change in the region's regulation. This comes just after a 2018 Model 3 was in autopilot mode during a fatal crash in Florida this past March. In response, Evercore ISI said that lower sales will be inevitable. The electric car maker earlier hit a two-year low of $217.05, bringing its year-to-date deficit to 34.5%.

Meanwhile, short sellers have been ramping up coverage on Tesla stock, seeing a rise of 15.8% during the past two reporting periods. Short interest now accounts for just under 30% of the stock's total available float, meaning it would take shorts three days to buy back the 37.9 million shares still sold short, based on average daily trading volumes.

SOLY Tattoo Removal Tool May See Quick FDA Approval

Soliton stock is up 11.6% at $8.06 this afternoon, after the company revealed its RAP device for tattoo removal may be cleared by the Food and Drug Administration (FDA) sooner than anticipated. And although the security only began trading on the public market earlier this year, today's jump has the shares 48% higher from its first day of trading, and 61% above its initial public offering (IPO) price of $5.

Harrow Stock Surges as Legal Battle Simmers

Harrow Health -- formerly Imprimis Pharmaceuticals -- is surging 11.3% at $6.52 today, after the company settled a legal battle with rival Allergan (AGN) for a much lower payment than Allergan was hoping for. Today's outperformance has helped push HROW to an incredible 175% year-to-date gain, while support has stood at the 200-day moving average since early April. Only two analysts are in coverage on Harrow stock, both sporting "strong buy" recommendations.


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