While it seems like everything Elon Musk touches turns to gold, it’s quite possible that today may see some tarnish appear on both the performance of Tesla Motors Inc (NASDAQ:TSLA) and SolarCity Corp (NASDAQ:SCTY).

Tesla Motors Inc (TSLA) And SolarCity Corp (SCTY) Earnings Preview

Since the beginning of April, Tesla Motors Inc (NASDAQ:TSLA)’s stock has risen over 220 percent, while SolarCity Corp (NASDAQ:SCTY) has seen a gain of over 125 percent. SolarCity are presently down $3 for the day after losing $1.50 yesterday. Most of this drop can be attributed to a weak forecast from The Street as it reports its earnings after the close of the market today.

Tesla recovered after a big early morning loss

After a big early morning loss, Tesla Motors Inc (NASDAQ:TSLA) has recovered a bit but is still trading down over $7.20. This comes on the heels of losing $2.00 yesterday. Following a surprise profit last quarter, Tesla’s stock went soaring upwards, however, now California is considering taking away the zero-emission credits which Tesla used to benefit its first quarter numbers and were a large part of the profit they showed when they booked $67.9 million in credits.

Tesla Motors Inc (NASDAQ:TSLA) may also be overbought and nearly a quarter of its shares are held by short sellers ready to jump following its earnings report this afternoon.

The consensus estimate is looking for Tesla Motors Inc (NASDAQ:TSLA) to report a loss of $0.17 per share compared to a year-over-year loss of $0.89 last year. Revenue is expected to come in at $383.40 million for the quarter. While this is a gain of over 1100 percent from the corresponding quarter last year, it would be a loss of 30 percent over first quarter revenues. For the year, revenue is expected to reach $1.8 billion a gain of 334.70 percent.

Tesla made amazing strides in getting cars out the door

Obviously, the release of the Model S is largely responsible for this, but Tesla Motors Inc (NASDAQ:TSLA) has also made amazing strides in getting cars out the door compared to the year prior.

SolarCity Corp (NASDAQ:SCTY) is expected to post a quarterly loss of $0.38 per share, though analysts are agreed with a loss of $0.18 per share predicted by one and a loss  $0.58 per share from another. For the fiscal year, the consensus expects a loss of $1.58 per share compared to a loss of $5.22 per share the fiscal year prior.

Revenue is expected to reach $27.44 million for the quarter and $136.2 million for the year, a gain of 8 percent in sales.

Both of these company’s stock is largely being driven by the “Musk Effect” but its anyone’s guess whether this can continue in after-hours trading following earnings reports this evening.