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    Home » Investment » Tesla slumps after it’s overlooked for S&P 500 Index

    Tesla slumps after it’s overlooked for S&P 500 Index

    By Agency Staff8 September 2020
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    Tesla shares slumped in US pre-market trading on Tuesday after the electric vehicle maker missed out on being included in the S&P 500 Index, taking investors who had bet on its entry to the benchmark by surprise.

    Tesla shares fell about 10% pre-market in the first day of trading since Friday’s news. Instead of Elon Musk’s Tesla, S&P Dow Jones Indices added online retailer Etsy, chip gear maker Teradyne and medical technology firm Catalent.

    Tesla not being included likely reflects the challenges in adding a firm of that size to the index, Credit Suisse analyst Dan Levy wrote in a note on 6 September. Levy added that Tesla is still expected to be added to the index, however.

    Tesla’s shares have surged 400% so far this year, making it the second best performing stock in the Nasdaq 100 Index, behind Zoom Video Communications. The car maker reported its fourth quarterly profit in a row in July.  — Reported by Kit Rees, (c) 2020 Bloomberg LP



    Catalent Credit Suisse Dan Levy Elon Musk Etsy Teradyne Tesla
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