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Tesla bears are now making crazy claims, short-circuiting their cause

As Tesla bears celebrate the electric-car maker’s stock decline on news of disappointing deliveries in the first quarter, many are soft-pedaling a key angle: Tesla reiterated its 2019 delivery guidance.

I’m not surprised. Tesla TSLA, -8.23% short-sellers, who bet on a decline in the shares, have recently displayed signs of hubris and mob-like overconfidence every time the stock falls into the $200s, as it continues to vastly underperform the S&P 500 Index SPX, +0.21% This suggests to me the electric-car company is more of a buy than a sell at these levels, in the contrarian sense.

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