Tesla Down Around 18% Since Tuesday and Costco Monthly Sales Jump 15%
Tesla shares have fallen around 9% on Thursday bringing its 3-day losses up to a total of 18%.
With Thursday’s decline, Tesla’s stock price is around 18% lower than it was on Monday’s close, the day Tesla split its stock.
This comes after Tesla announced it would raise up to $5 billion through stock offerings and after Baillie Gifford, Tesla’s largest outside shareholder, said it reduced its 6.3% position to less than 5%. Could this be the end of Tesla’s record run?
Many companies have struggled during the pandemic. As consumers look for ways to save money on their regular purchases, many have turned to Costco Wholesale Corp to buy in bulk and save some of their hard-earned dollars.
This change in consumer behavior is reflected in the numbers. In August, Costco’s monthly sales jumped 15% to $13.56 billion. As they lead into their fourth-quarter earnings results releasing on September 24th, Costco stock could very well be one to watch.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.