Panicked on Tesla? Here's the first thing you should not do

The last trading day of the month is a test for the faithful – Tesla's faithful.

Pressure mounted for the iconic car maker Friday after CEO Elon Musk was sued by the SEC, who called him to head the company after his infamous private equity takeover, Tesla-Private, tweet. Stocks may be looking at their worst session in two years if pre-market action is something to do.

From chat rooms and Twitter that are exhausting on the subject, comes our call of the day from Ross Gerber, co-founder and CEO of Gerber Kawasaki Wealth & Investment Management, which says above all investors need to keep their cool.

"Do not do anything emotional. First rule Do not let the titles scare you. The stock will fall tomorrow as it should, next week we will be able to evaluate the issues more clearly with more information, "Gerber said in a statement. tweet. He followed with some others.

Gerber was starting to have a little problem with this tweet. Tesla was in its top five purchases in the second quarter of 2018, according to 13F dataso clearly he sits on the side of the bulls. The less in love with Tesla did not hold back:

As for future stock, Mott Capital Management's founder, Michael Kramer, said Tesla was approaching a high level of support, considering losses at the end of the session. "Support is now around the $ 250 level. If the stock falls below this value, it could worsen rapidly, "he said in a blog post. After that, he says, look for $ 180 support.

Here is his picture:

Mott Capital Management

And in a case of viral stories that have collided, a section of this SEC file explains how Musk got this public-private price of $ 420 per share.

"This calculation resulted in a price of $ 419 and Musk said that he had rounded the price up to $ 420 because he had recently learned the importance of this figure in growing marijuana and thought his girlfriend would find it funny, which is not to take a price, "said the guy's release that triggered a 5% drop in stock at the beginning of the month after appearing to smoke a fridge during an interview.

Lily: Could Elon Musk's tweets make him lose his job as CEO of Tesla? 5 most expensive tweets ever

Opinion: If Tesla had a real board of directors, Elon Musk would be removed from his position as CEO in the light of the lawsuit filed by the SEC

Table

The eurozone could plunge into a new crisis after Italy's anti-revision parties passed a budget deficit target of 2.4%, putting the government in conflict with the European Union. The Minister of Economy, Giovanni Tria, clearly gave way while he was looking for a 1.6% advance.

Friday, Italian stocks

I945, -4.10%

have been crushed, down almost 4% for their worst day since the beginning of 2016, with banks like Banco BPM SpA

BAMI, -10.39%

7% fall in Milan. the map of the day shows the agitated action during the last sessions:

MarketWatch

The steps

Dow

YMZ8, -0.33%

S & P 500

ESZ8, -0.28%

and Nasdaq

NQZ8, -0.37%

the futures hardly change. That's after the S & P

SPX, + 0.28%

Dow

DJIA, + 0.21%

and Nasdaq

COMP + 0.65%

all succeeded on a higher closing Thursday.

More: Bet on a stock market rally? Discover this table first

Gold

US: GCU8

slips, while the gross

US: CLU8

is stable, but watching a solid gain for the week. The dollar

DXY, + 0.34%

goes up, especially against the euro

EURUSD -0.5068%

which strikes the worries of the budget of Italy.

Stocks Europe

SXXP, -0.76%

are down, driven by these collapsed Italian stocks. Japanese stocks

NIK + 1.36%

saw a strong gain of 5.5% in September, which was a particularly optimistic day for Asian markets

Adow, + 0.41%

Adow, + 0.41%

Lily: The 7 worst words in the world could spell problems for this stock market, warns Howard Marks of Oaktree Capital.

The buzz

Eli Lilly

THERE IS, + 0.36%

says the FDA has approved the drug Emgality to prevent migraines in adults. It's one of three recently approved drugs to revolutionize migraine treatment, all with an identical price tag at $ 6,900.

A day after hearing the testimony of Judge Brett Kavanaugh and her accuser Christine Blasey Ford, attention will be kept Friday on DC as the Senate Judiciary Committee prepares to vote on the Supreme Court's decision. Kavanaugh. The political betting market PredictIt says that Kavanaugh's chances of being confirmed jumped after his testimony.

Lily: Women contrast Christine Blasey Ford's "calm" with Brett Kavanaugh's "wrath"

In the United Kingdom, former Foreign Minister Boris Johnson has drawn up a post-Brexit B plan, based on criticism of Prime Minister Theresa May's compromise on the Checkers.

Personal income, consumption, underlying inflation are due before the opening, the index of Chicago purchasing managers and consumer confidence being expected later.

Quote of the day

Getty Images

"The basic principles that underline the Senate's duty of counsel and constitutional consent on candidates for the federal judiciary require nothing less than a careful examination of the accusations and facts by the FBI." calling on the Senate Judiciary Committee to postpone the decision on candidate Brett Kavanaugh until the FBI completes its investigation of the allegations against him.

Earlier this month, ABA awarded Kavanaugh his highest "qualified" rating for his appointment.

Random readings

Miracle in Micronesia. Boeing 737 crushes in the sea, all 47 people come out

Canada's Politicians Vote Unanimously to Remove Aung San Suu Kyi's Honorary Citizenship During the Rohingya Crisis

Mika Brzezinski, co-host of Morning Joe, says she had to ask five times before receiving an increase

A video shows the moment when the Dutch police have foiled a massive terrorist plot

In a first, a man accused of driving while impaired on a scooter

Need to Know starts early and is updated until the opening bell, but register here to receive it once in your email box. Be sure to check the Need to Know box. The version sent by e-mail will be sent around 7:30 am, Eastern time.

Follow MarketWatch on Twitter, Instagram, Facebook.

Provide critical information for the US trading day. Subscribe to MarketWatch's free Need to Know newsletter. register here