Hello and welcome to the Thursday July 19th 2018 in addition of Tesla daily

unofficial. My name is Rob Maower today we don't have a whole lot 2018 edition of Tesla Daily on Official Tesla Podcast.

My name is Rob Maower.

Today we don't have a whole lot of news,

so it's gonna be a bit of a shorter episode.

But you know what after the last week, I am okay with that.

Tesla actually seems to do a little bit better

when there isn't a ton of news.

On Wednesday, Tesla stock was up 0.36% to $3.83.85,

this compared to the Nasdak down 0.01%.

Currently in the pre-market, we are down a couple of percentage points to

317.50. This looks to be primarily driven by an analyst downgrade from

Needham and Co. who have changed the rating from Hold to Sell, saying, quote, based on our checks,

refunds are outpacing deposits as cancellations accelerate.

The reasons are varied, extended wait times, the expiration of the $7,500 credit, and unavailability of the 35K base model.

In August 17, Tesla cited a refund rate of 12%.

Almost a year later, we believe it has doubled and outpaced deposits.

Model 3 wait times are currently 4 to 12 months,

and with base model not available until mid-2019,

consumers could wait until 2020.

End quote.

They also downgraded due to margin pressures, increased competition,

...