Tesla stock is heading for its worst single-session decline since July
Tesla Inc (NASDAQ:TSLA) stock is down 8.3% today to trade at $218.12, after the electric vehicle (EV) company's vaunted robotaxi reveal fell flat with investors and analysts. Embattled CEO Elon Musk revealed Tesla's Cybercab, a self-driving concept car, with production hopes by 2027 but no other manufacturing details explained. Analysts expressed disappointment about the lack of near-term opportunities and underwhelming artificial intelligence (AI) updates.
TSLA is on track for its worst single-session decline since July 24. The shares are testing their 100-day moving average today, a trendline that hasn't been breached on a closing basis since June. The stock is down 11% in 2024.
Call traders remain in control. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 1.55 ranks five percentage points from an annual high.
Options traders are out in droves today, with 770,000 calls and 568,000 puts exchanged so far, total volume that's 4 times the average intraday amount. The weekly 10/11 220-strike call is the most popular today, while the 215- and 210-strike puts in the same series are also seeing notable activity.