( Updated from 2:38 p.m. ET with closing information.)
NEW YORK ( TheStreet) -- Tesla Motors (TSLA - Get Report) shares were losing 6.34% to $55.73, but had been as high as $62.37 earlier in the session, as the company gets set to report earnings after the close of trading on Wednesday.
The Palo Alto, Calif.-based Tesla is expected to report earnings of 4 cents per share on $496.23 million in revenue, according to analysts polled by Thomson Reuters.
Ahead of earnings, Jefferies analyst Elaine Kwei raised her price target to $68 from $45, keeping her "buy" rating on the electric car manufacturer. She notes that despite the 76% return year-to-date and 57% since pre-announcing its first-quarter April 1, there is still a lot of short interest in the name. "We expect 1Q to be in line, with potential revenue upside from the sale of emissions credits. In the near term, however, we expect short covering to continue driving the stock upwards, with a ways to go," Kwei write in her note.Tesla announced Monday it hired Chris Porritt, formerly Aston Martin's Chief Engineer of Vehicle Engineering, to be its Vice President of Vehicle Engineering. "Tesla is a hardcore technology company, which means that anyone leading a team of engineers must be an outstanding engineer themself, as well as a good leader," said Elon Musk, Tesla co-founder and CEO in the press release, announcing the hire. "Chris demonstrated exactly that in his prior role at Aston Martin, creating in the One-77 what was arguably their best car ever." Musk has also been speaking to Google (GOOG) regarding the Internet search giant's self-driving cars, according to reports from Bloomberg. Musk followed that up with a series of tweets, clarifying what he meant, that an autopilot for Tesla was still "a few years from production."
Creating an autopilot for cars at Tesla is an important, but not yet top priority. Still a few years from production.— Elon Musk (@elonmusk) May 7, 2013
Tesla priority is electrification of cars, so priority is Model S, Model X, then mass market third gen vehicle & truck— Elon Musk (@elonmusk) May 7, 2013
Am a fan of Larry, Sergey & Google in general, but self-driving cars comments to Bloomberg were just off-the-cuff. No big announcement here— Elon Musk (@elonmusk) May 7, 2013
BlackBerry (BBRY - Get Report) shares were losing 3.38% to $15.40 on heavier than normal volume on concerns about the company's QWERTY smartphone, the Q10. Pacific Crest Securities analyst James Faucette notes that initial sales and sell-through of the Q10 are not performing as well as the Z10. Faucette rates shares "underperform." "While we believe a lack of de-mand certainly played a role, a clear view on sell-through has also been clouded by low overall shipment volumes and inconsistent distribution, in our view," Faucette penned in the note. The Q10 went on sale in late April.
Apple (AAPL - Get Report) shares were off 0.43% to $458.73, as Greenlight Capital's David Einhorn said in a conference call to investors that he added to his position in the tech giant, amid increasing hopes the company is turning itself around. "We've added to our Apple position, now we just wait for the release of Apple's next blockbuster product," Einhorn said on the call. Einhorn also said he was happy that Apple raised its dividend and added to its buyback program, which came as Apple announced second-quarter earnings last month. "We applaud Apple's decision to borrow money and return excess capital to shareholders, an idea that was off the table only months ago," a Greenlight Capital spokesperson said in April.
EA (EA - Get Report) shares were little changed, off 0.22% to 18.25 as the gaming giant gets set to report earnings after the close of trading. EA, known for its Madden franchise, is expected to report earnings of 57 cents per share on $1.029 billion in revenue, according to analysts surveyed by Thomson Reuters. The company announced a new multi-year exclusive licensing agreement with The Walt Disney Co. (DIS - Get Report) Monday to develop new games based on Star Wars.
Closing prices: TSLA dropped 6.7% to close at $55.51, AAPL fell close to 1% to $458.66, BBRY was 4.8% lower at $14.82 and EAQ was up close to 1% at $18.41. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
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