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FILE PHOTO: The Tesla logo is seen on a car at Tesla's showroom in Manhattan's Meatpacking District in New York

MONEY & BUSINESS:
Tesla surges for second day ahead of S&P 500 debut


FILE PHOTO: The Tesla logo is seen on a car at Tesla‘s new showroom in Manhattan’s Meatpacking District in New York City, U.S., Dec. 14, 2017. REUTERS/Brendan McDermid/File Photo

November 18, 2020

By Noel Randewich

(Reuters) – Shares of Tesla <TSLA.O> surged 10% to end near a record high on Wednesday, extending a two day rally after it was announced the electric car maker will join the S&P 500.

The California company’s stock has jumped nearly 20% since S&P Dow Jones Indices announced late on Monday it would add Tesla to Wall Street’s most watched benchmark as of Dec. 21, a change that will force index funds to buy around $50 billion of its stock.

A blockbuster quarterly report in July cleared a major hurdle for Tesla’s potential inclusion in the S&P 500, leading to speculation that the company, now with a market capitalization over $450 billion, might be added to the index and spark a surge in demand for its shares.

Up about 500% in 2020, Tesla has become the most valuable auto company in the world, by far, despite production that is a fraction of rivals such as Toyota Motor <7203.T>, Volkswagen <VOWG_p.DE> and General Motors <GM.N>.

Its stock tumbled 21% in one session on Sept. 8 after it was left out of a group companies being added to the S&P 500, underscoring how much many traders expected it to be added.

(Reporting by Noel Randewich; Editing by Tom Brown)

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Hmm. yes i understand the
question, you know it's been at least
15 years since I've been following the news, no 10 my folks do that, hmm. what was the question again !?
Excuse me! But can you remember
where you read about this ?
Are you kidding !?
of course I can, it was on
the website u.s.news.com
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