Tesla’s stock extends bounce, set to retrace nearly one-third of the recent plunge

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Shares of Tesla Inc. continued to bounce in premarket trading Thursday, as they surged 4.9% after running up 10.9% on Wednesday. The bounce comes after the stock plunged 33.7% in just five sessions since closing at a record on Aug. 31, including a record one-day selloff of 21.1% on Tuesday, amid disclosures of share sales and after the stock was surprisingly not added to the S&P 500. The stock is set to open at a level that would represent a 32% retracement of the drop from the Aug. 31 record close of $498.32 to Tuesday’s low close of $330.21. The stock has rallied 78.7% over the past three months through Wednesday, while the S&P 500 has gained 6.6%.
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