Tesla shares close lower on Friday, about 400 employees fired during the past week

According to a post by Reuters on Friday, citing a former Tesla employee, the luxury electric car maker fired approximately 400 employees during the past week. The main reason behind dismissals was performance, Tesla said in an emailed statement.

Tesla shares closed lower for the third time in the past eleven trading sessions on Friday. The stock inched down 0.03% ($0.11) to $355.57, with the intraday high and the intraday low being at $358.49 and $353.70 respectively.

In the week ended on October 15th the shares of the luxury electric vehicle manufacturer lost 0.37% of their market value compared to a week ago, which marked the third drop in the past four weeks. Yet, it has been the smallest weekly retreat since the week ended on October 30th 2016.

The stock has pared its advance to 4.24% so far during the current month, following a 4.16% slump in September. The latter has been a second loss out of seven months.

For the entire past year, the shares of the NASDAQ-listed electric car maker lost 10.97%. However, the stock has gained 66.40% so far in 2017.

According to the auto maker, recent firings came as a result of a company-wide annual review. In this line of thought, the former assembly line worker, who preferred to remain anonymous, said he was fired regardless of that he had never received a negative review.

“Its about 400 people ranging from associates to team leaders to supervisors. We dont know how high up it went”, the person was quoted as saying by Reuters.

However, no precise number of employees dismissed has so far been confirmed by the company.

According to a report by The Mercury News, the number of employees fired ranged between 400 and 700, with most of them being people occupying sales and administrative positions.

“As with any company, especially one of over 33,000 employees, performance reviews also occasionally result in employee departures”, a spokesperson for the automotive company said, cited by CNBC. “Tesla is continuing to grow and hire new employees around the world”.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $320.00, with a high estimate of $500.00 and a low estimate of $155.00. The median estimate is a 10.00% decrease compared to the closing price of $355.57 on October 13th.

The same media also reported that 8 out of 25 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 7 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Tesla stock are presented as follows:

R1 – $356.01
R2 – $356.45
R3 (Range Resistance – Sell) – $356.89
R4 (Long Breakout) – $358.20
R5 (Breakout Target 1) – $359.74
R6 (Breakout Target 2) – $360.39

S1 – $355.13
S2 – $354.69
S3 (Range Support – Buy) – $354.25
S4 (Short Breakout) – $352.94
S5 (Breakout Target 1) – $351.40
S6 (Breakout Target 2) – $350.75

By using the traditional method of calculation, the weekly levels of importance for Tesla Inc (TSLA) are presented as follows:

Central Pivot Point – $352.64
R1 – $362.57
R2 – $369.56
R3 – $379.49
R4 – $389.41

S1 – $345.65
S2 – $335.72
S3 – $328.73
S4 – $321.73