Tesla stock jumps on news company is joining S&P 500

[mahatmakanejeeves]

Source: CNBC

TECH

Tesla stock jumps on news company is joining S&P 500

PUBLISHED MON, NOV 16 2020 5:21 PM EST UPDATED 16 MIN AGO

KEY POINTS
-- S&P Global announced on Monday that Tesla will join the S&P 500 effective prior to trading on Monday, Dec. 21.
-- Upon entry, Tesla is already one of the S&P 500?s 10 most valuable companies based on Monday's closing prices.
-- Tesla was snubbed in September after it met criteria to be included in the S&P 500 but was not initially picked by the S&P 500 Index Committee.

S&P Global announced on Monday that Tesla will join the S&P 500 effective prior to trading on Monday, Dec. 21. Upon entry, Tesla is already one of the S&P 500?s 10 most valuable companies based on Monday's closing prices.

Shares of Tesla spiked more than 9% on the news.

The make-up of the S&P 500 is determined by what's known as the "Index Committee" at S&P Dow Jones Indices. Inclusion in the index is based on quantitative as well as qualitative factors.

{snip}

S&P Global said that Tesla will announce the company Tesla is replacing in the S&P 500 at a later date.

CNBC’s Jennifer Elias contributed to this story.

Read more: https://www.cnbc.com/2020/11/16/tesla-stock-jumps-on-news-company-is-joining-sp-500.html

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I don't own any, but I will once Vanguard's S&P 500 Index Fund starts buying shares.

So who's leaving to make room for TSLA? It's probably some stock that I do own.

Hat tip, Bloomberg's AM radio station in New York. Or maybe it was WCBS. Nah, it was Bloomberg.

https://en.wikipedia.org/wiki/WBBR

[Archetypist]

1. it was only a matter of time

it surprised me when they were snubbed

[JDC]

2. Tesla was down today at the close, but went up big after hours.

[bucolic_frolic]

3. Biggest market topping news since AAPL & TSLA split announced on 07-30-2020?

Many analysts already including TSLA among FAANG stocks, collectively known as "The Monsters of Tech"