TSLA has attracted some of the highest options volume over the last 10 days
Tesla Inc (NASDAQ:TSLA) is in the spotlight today, after news that the electric vehicle (EV) giant is cutting over 10% of its global workforce due to slowing demand. The memo to employees was first leaked by online publication Electrek, with chief executive Elon Musk saying "There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle."
Two top executives left amid the layoffs -- Senior V.P. Drew Baglino and V.P. of public policy and business development Rohan Patel. And according to Bloomberg, the job reductions could reach as much as 20% in some divisions.
Tesla stock is sliding after the news, down 4.8% at $162.81 at last glance. Also weighing on the shares is a price-target cut from Evercore ISI to $155 from $175. In other updates, Tesla is cutting its "Full Self Driving" subscription in half to $99 a month and renaming it “Supervised Full Self Driving," while Musk tweeted that they will soon reveal the custom robotaxi vehicle that's been in the works for years.
Though TSLA is dropping to its lowest levels in nearly a year, support at the $160 level is holding strong. Since the start of 2024, the equity is down 34.3%.
Tesla stock is a regular on Rocky White's list of stocks that have attracted the highest options volume during the last 10 days, topping the list this time around. Over the past two weeks, options bears have pulled ahead with 10,807,657 calls and 11,381,376 puts exchanged during this time. The weekly 4/12 170-strike put saw the most activity.
