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Tesla’s 13% plunge this week puts it near bear market territory; market cap falls back below GM's

What a difference a couple of weeks make. After hitting an all-time high in late June, Tesla shares have collapsed 18 percent as of midday Thursday, due to mounting concerns about its sales results, competition and the safety of its cars.

The electric car maker's stock fell 3 percent midday Thursday, bringing losses for the week to 13 percent.

"Tesla's stock was pushed to ridiculous levels on the notion that the Model 3 would be a slam-dunk success," said Fred Hickey, editor of High Tech Strategist. The company's "$100,000+ models aren't selling as well and are piling up in inventory (the relatively small pool of potential buyers at these prices may be exhausted). This bubble stock is losing air rapidly, as it should."

Multiple Wall Street firms including Goldman Sachs, Bernstein, KeyBanc Capital and Cowen expressed...