Tesla’s stock set to extend pullback, as volatility continues ahead of next week’s Battery Day

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Shares of Tesla Inc. sank 4.5% in premarket trading Thursday, putting them on track to extend the pullback started in the previous session. The stock fell 1.8% on Wednesday, amid a broad selloff in technology stocks and the Nasdaq Composite , to snap a five-day win streak in which the stock soared 36.2% to retrace more than two-thirds of the 33.7% bear-market selloff over the previous five sessions. The stock’s volatility comes ahead of the much-anticipated Battery Day scheduled for Sept. 22. Baird analyst Ben Kallo said his “best guess” is that Tesla will announced plans to significantly expand battery cell manufacturing capacity to meet growing vehicle production. He said he expects the electric vehicle and battery company to unveil a new low-cost cell for use in Model 3 and Model Y vehicles and sees potential for stationary energy storage management to be a top of discussion, including potential future revenue streams. The stock has soared 122.7% over the past three months, while the S&P 500 has gained 8.7%.
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