WMT - When Tesla Dips These Six S&P 500 Stocks Including eBay Walmart And Wells Fargo Often Soar: Analysis | Benzinga
In a recent turn of events, shares of Tesla Inc. (NASDAQ:TSLA) have taken a nosedive, while six S&P 500 stocks have seen a surge.
What Happened: When Tesla’s shares dip, six S&P 500 stocks tend to rise, CNBC Pro reported on Monday. These include Linde (NASDAQ:LIN), FMC (NYSE:FMC), eBay Inc. (NASDAQ:EBAY), Church & Dwight (NYSE:CHD), Walmart Inc. (NYSE:WMT), and Wells Fargo (NYSE:WFC). Over the past month, these stocks have shown an inverse correlation to Tesla’s performance. While Tesla’s shares have seen a 40% drop this year, these six stocks have generally risen.
Deutsche Bank analyst Emmanuel Rosner predicts that Tesla’s rough patch may persist as the company might shift its focus from a new low-cost vehicle to self-driving technology. Rosner recently slashed his price target on Tesla’s stock from $189 to $123, indicating a potential downside of around 15% over the next year.