Tesla's Stock Plunges as Oil Prices Continue to Fall
Stocks end the day down after the energy sector sector fell 5% due to the continual drop in oil prices. The energy sector isn't the only one that is hurting due to the falling gas prices, Tesla's stock has fallen more than 25% since September as alternative fuel is not deemed necessary due to the lower gas prices. However, falling gas prices are positive for car manufacturers that create automobiles that use fuel such as Ford (F), General Motors (GM), and Toyota (TM) as consumers may be more inclined to purchase larger, and more pricier, SUVs since gas prices are much lower.
Word on the Street
- Energy sector down 5% as oil prices fall even lower.
- Record stock market highs expected in 2015.
- Apple (AAPL) sheds $42.3B since hitting its peak in November.
- McDonald's (MCD) same-store sales continue to decline.
- Sony (SNE) hacked for the 2nd time in less than a week.
- Cubist Pharmaceuticals (CBST) to be acquired by Merck in $9.5B deal.