Tesla’s (TSLA) Cybercab event “was used to try to take pressure away from” a business which is “seeing significant fundamental pressure.”

The words of GLJ Research’s Gordon Johnson on this morning’s PreMarket Prep episode. Gordon always a favorite with the PMP community.

Tesla’s last 8 out of 10 events have been sell-the-news moments, the stock down 3% on average the next day after an event, according to Gordon.

Check out the full interview to hear all of Gordon’s thoughts on Tesla, SpaceX (SPCX), steel names Nucor (NUE), Steel Dynamics (STLD), Cleveland-Cliff’s (CLF) and why he likes solar name NextPower (NXT).