Weak Vehicle Deliveries at Tesla Sink Shares by More Than 10 Percent

Plus, a judge tells Elon Musk and SEC to settle their differences.

3 min read

Opinions expressed by Entrepreneur contributors are their own.

Tesla shares fell by more than 10 percent this morning because the automaker delivered far fewer vehicles than expected in the first quarter. Deliveries of Tesla’s high-end models S and X were down more than 50 percent in the quarter. The company also shipped fewer mass-market Model three sedans than expected, according to data from Refinitiv. Meanwhile, a judge gave Tesla CEO Elon Musk and the Securities and Exchange Commission two weeks to work out their differences regarding a charge of contempt the regulator has leveled at Musk for tweets he made regarding Tesla’s production. Tesla’s stock ended the day down 8.18 percent — the biggest decline on the Entrepreneur Index™.

The broader market was mixed with S&P 500 index posting a 0.21 percent gain while the Nasdaq Composite fell 0.05 percent. The Dow index, populated by large multinational companies, was up 0.64 percent as expectations mounted for a trade deal between China and the U.S. The Entrepreneur Index™, dragged down by Tesla and weak technology stocks, finished the day off 0.12 percent.

The market is eagerly awaiting a trade agreement between China and the U.S., and the two sides are reportedly close to a deal. The issue of enforcement of the agreement and whether tariffs would be used to punish non-compliance remains a sticking point.

Struggling retailers Bed Bath & Beyond (BBBY), L Brands and Gap Inc. all had strong gains today. BBBY, up 55 percent so far this year, had the biggest jump, rising 4.02 percent. L Brands and Gap Inc. were up 2.74 percent and 2.34 percent respectively. The three stocks are still down over the last 12 months.

Other notable gains on the Entrepreneur Index™ included clothing-maker Under Armour Inc. (2.9 percent), homebuilder D.R. Horton Inc. (2.2 percent) and oil and gas producer Hess Corp. (2.0 percent).

Technology stocks were weak today with eight of 13 tech stocks on the Entrepreneur Index™ posting declines. Salesforce.com, down 2.52 percent, and Adobe Systems Inc., off 1.33 percent, had the biggest declines in the sector.

Other significant losses on the index today included REIT Extra Space Storage (-1.24 percent), pest-control company Rollins Inc. (-1.09 percent) and domain name registry Verisign Inc. (-1.04 percent).

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.


more recommended stories

  • 5 Keys to Successfully Leading a Family Business

    Family businesses aren’t always easy, but.

  • No One Knows It But These 3 Industries Now Depend on AI

    AI is revolutionizing industries across the.

  • Being an Influencer is Not a Job

    Here’s how influencers have evolved to.

  • Why Mood-Based Cannabis Products Are About to Blowup

    Cannabis can be consumed to achieve.

  • Facebook Stock Rises as Company Prepares to Unveil Its Cryptocurrency

    The tech giant’s cryptocurrency reportedly has.

  • ‘I’m Fighting for Paternity Leave — So Should You’

    Supporting men as caregivers is a.

  • Cannabis Companies Embrace Pride Month

    In a month to celebrate diversity,.

  • Oil Tanker Attacks Lift Energy Stocks as Market Ends Two-Day Slide

    Two tankers were attacked in the.

  • Tesla’s June Rebound Hits a Speed Bump

    Plus, technology stocks fall on trade.

  • More Than 150,000 U.S. Small-Business Websites Could Be Infected With Malware at Any Given Moment. Here’s How to Protect Yours.

    Small-business victims were involved in 43.

  • How These Influencers Launched an Event to Combat Procrastination

    The creators of a Bali retreat.

  • Tesla Stock Continues June Rebound as Shares Rise Again

    The broader stock market was flat..

  • What You Need to Know About Instagram’s New Creator Account

    Tnis new option may look good.

  • 3 Reasons Most Businesses Don’t Reach 6 Figures

    June 10, 2019 3 min read.

  • Stocks Bounce Back After President Trump Calls Off Mexican Tariffs

    Plus, Analog Devices jumps on a.

  • ‘One Email From Whole Foods Launched My Entire Business,’ Says the Co-Founder of a Gluten Free Frozen Food Brand

    Former restaurateur Vanessa Phillips pursued her.

  • Celebrity Jeweler Alex Todd Gets Saucey

    His clients include Jay Z and.

  • Get Salesforce Certified and Raise Your Earning Potential

    This course bundle will make the.

  • Here’s What Entrepreneurs Must Know About the Booming VPN Industry

    The future of the VPN industry.

  • How to Become a Better Digital Marketer in 2019

    Master SEO, social media marketing, copywriting.

  • The Best Employees Have These ’31 Flavors’

    When hiring or managing employees, it.

  • Why You Should Make Your Most Important Decisions in The Morning

    Entrepreneur Network partner breaks down why.

  • Weak Jobs Data Pushes Technology Stocks and Entrepreneur Index™ Up Sharply

    Investors anticipate interest rate cuts from.

  • 6 Ways to Launch a Business

    What’s the best way to tell.

  • Tesla Shares Jump as Stock Market Rises for Third Consecutive Day

    The electric car company got a.

  • Another Study Finds Lowered Opioid Use Where Medical Marijuana Is Legal

    There is ever growing evidence that.

  • Developers File Antitrust Lawsuit Against Apple over App Store

    The Supreme Court recently ruled that.

  • Uber Stock Finally Surpasses Its IPO Price as Stock Market Soars for Second Straight Day

    Bullish analysts push the ride-sharing company.

  • Making the Most of an Accelerator Program: 4 Startup Strategies

    Accelerators are a great resource for.

  • Here’s Why and What You Can Do Instead

    You can’t get a Starbucks franchise,.

  • Wynn Resorts and Tesla Post Big Gains as Fed Chairman’s Comments Buoy Stock Market

    Federal Reserve Bank Chairman Jerome Powell.

  • Former Eagles Quarterback Donovan McNabb Explains Life After Football

    The star football player talks about.