SAN FRANCISCO (MarketWatch) -- A more than 10% drop in Tesla Motors Inc. (TSLA) shares near the opening bell tripped a short-sale circuit-breaker at the Nasdaq Stock Market Wednesday. The circuit breaker is designed to slow shorting -- or borrowing shares in a bet the stock will fall further --in an already falling stock. Tesla shares fell nearly 13% shortly after the open and were last down 11% at $157.14 a share. The selloff follows a third-quarter earnings report that beat expectations on adjusted sales and profit but contained information on deliveries that fell short of some estimates. Even with Wednesday's pullback, the stock is still up 370% this year. Some 26% of shares are sold short.
-Laura Mandaro; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
11-06-13 1002ETCopyright (c) 2013 Dow Jones & Company, Inc.
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