Tesla shares drop for a third straight day

No injuries were reported in a Tennessee incident in which a driver hit road debris.

By InvestorPlace Nov 8, 2013 1:10PM

Credit: © Bill Pugliano/Getty Images
Caption: The Tesla Model S Signature is shown during a media preview day at the 2012 North American International Auto ShowBy Christopher Freeburn


Shares of Tesla Motors (TSLA) slumped more than 4% in Friday trading in the wake of reports of a third fire involving one of its pricey electric cars.


In the latest incident, a driver hit road debris near Smyrna, Tenn., sparking a fire in his Model S. On Thursday, federal regulators signaled that they planned to investigate the fire, USA Today reports.


Federal authorities had previously declined to officially investigate the first fire, which was reported last month outside Seattle. In that incident, road debris was reported to have penetrated the battery casing in the vehicle's undercarriage.


In the wake of the Seattle incident, Tesla owners expressed confidence in their vehicles, dismissing the fire as a "one-off event." However, a second fire was recently reported in Mexico, after a Model S hit a wall.

None of the three incidents have resulted in driver injuries.


TSLA stock was already hurting this week after the company's Q3 earnings report. While profits more than doubled and beat analyst expectations, vehicle sales disappointed Wall Street forecasts, as did the company's earnings outlook. Including Friday's losses, TSLA is off roughly 17% for the week.


More from InvestorPlace

Tags: TSLA
0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

104
104 rated 1
252
252 rated 2
457
457 rated 3
639
639 rated 4
495
495 rated 5
538
538 rated 6
704
704 rated 7
503
503 rated 8
350
350 rated 9
140
140 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
UPLULTRA PETROLEUM Corp10
EOGEOG RESOURCES Inc10
SWNSOUTHWESTERN ENERGY COMPANY10
TAT&T Inc9
COPCONOCOPHILLIPS9
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.