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Why Tesla Is Down Today Even as Markets Are Up

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May. 16 2019, Published 12:41 p.m. ET

Tesla

Tesla (TSLA) had fallen 1.2% today as of 11:30 AM Eastern Time, whereas the NASDAQ Composite (QQQ) and S&P 500 (SPY) had risen 1.3% and 1.2%, respectively. Mainstream automakers Ford (F) and General Motors (GM) have been flat today.

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Two things could be pressuring Tesla stock today. T. Rowe Price revealed that it had sold most of its Tesla stock, holding 1.7 million Tesla shares at the end of the first quarter, compared with 8.9 million shares at the end of the fourth quarter. And last month, Reuters reported that T. Rowe Price had sold off 92% of its Tesla stock in the first quarter. However, Reuters added that the “drop represented the funds for which Refinitiv has data, which may not include all T. Rowe Price funds, which are managed by T. Rowe Price Group Inc.”

National Transportation Safety Board

In another development, the NTSB (National Transportation Safety Board) reported today that “preliminary data from the vehicle show that the Tesla’s Autopilot system—an advanced driver assistance system (ADAS) that provides both longitudinal and lateral control over vehicle motion—was active at the time of the crash.”

While Tesla is renowned for its electric vehicles, CEO Elon Musk’s tweets have also gained attention for the company. Last year, Musk ran into trouble with regulators after he tweeted that funding had been secured for taking Tesla private.

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