ZCZC
BCN-10
US-STOCKS-MARKETS
Tesla tumbles as US stocks end mostly lower
NEW YORK, Aug 10, 2018 (BSS/AFP) – Tesla shares tumbled Thursday following
a report the company faces intensifying scrutiny from securities regulators
as US stocks finished a quiet session mostly lower.
The Dow Jones Industrial Average dropped 0.3 percent to 25,509.23.
The broad-based S&P 500 slipped 0.1 percent to 2,853.58, while the tech-
rich Nasdaq Composite Index added less than 0.1 percent to 7,891.78.
Tesla Motors fell 4.8 percent after Bloomberg News reported that US
Securities and Exchange Commission enforcement attorneys in San Francisco
were probing the electric car maker after chief executive Elon Musk said on
Twitter Tuesday he was considering taking the company private.
The SEC, which had already been gathering information on Tesla’s public
pronouncements, added questioning of whether Musk’s claim that he had secured
funding for a takeover to the inquiry was meant to be factual, Bloomberg
said, citing people familiar with the matter.
Analysts described broader market activity as low-key following US
inflation data that was seen as benign in terms of allowing the Federal
Reserve to maintain a gradual pace of interest rate hikes.
“It’s been a very quiet day,” said Quincy Krosby, chief market strategist
at Prudential Financial. “Earnings have been very strong and the guidance has
been positive but it’s not new.”
Drugstore chain Rite Aid dived 11.8 percent after announcing it had called
off a merger with Albertsons.
Booking Holdings slumped five percent on disappointment over the company’s
third-quarter forecast.
BSS/AFP/HR/1002