Stock Market Drops – Tesla Takes Big Hit
In a volatile trading frenzy, the stock market saw a sharp decline yesterday, amid discouraging unemployment statistics. Stocks fell as Apple and Microsoft led the drop in the broader market, including Microsoft subsidiary, LinkedIn – which has been severely impacted by the jobless rate. Apple trading decreased by 4.5%, while Amazon dropped 3.6% and Netflix was down by 2.5%. Automaker Tesla, took one of the biggest hits dropping nearly 5%, despite previously reported expectations of 4% growth. In its reports of GAAP profits for the first full year as well as second quarter earnings reports, the electric car maker, co-founded by billionaire Elon Musk, reported revenue a little over $6 billion, which includes $428 million the company received in regulatory emissions surplus credits that Tesla sells to other automakers to assist them in meeting emissions standards for fleet-production. The 5% drop is being attributed to the fact that Tesla has been greatly impacted by the coronavirus pandemic – affecting its employees and factory production operations.
Doug Garfinkel has been a writer for over 30 years, working on a wide variety of websites and publications. He currently works as a High School teacher in Great Neck, NY, while continuing to write.