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Mobileye (MBLY) Stock Drops on Tesla Split

NEW YORK (TheStreet) -- Shares of Mobileye (MBLY) are down 8.58% to $45.09 in early morning trading today after the Jerusalem-based technology company announced it would no longer supply sensor chips to electric car maker Tesla Motors (TSLA).

Mobileye said its relationship with Tesla "will not go beyond EyeQ3 chip as it seeks closer collaborations (like BMW/INTC) as opposed to just supply agreements in order to protect reputation/perception of autonomous driving," Barron's reports.

Additionally, Mobileye reported better-than-expected second quarter earnings before today's opening bell.

The company posted earnings of 17 cents per share, beating analyst estimates of 15 cents per share. Revenue rose 58% year-over-year to $83.5 million...