Tesla Joining S&P 500 On The Day Of Great Conjunction
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Some may wonder if this is planned or a pure coincidence: Tesla (TSLA) is entering the S&P 500 on Monday, December 21, 2020, in the largest rebalancing in the Index history; it also happens to be on the same day as The Great Conjunction. Elon Musk sent out his tweet today, via @ELONMUSK, “Thanks to everyone who worked so hard to make Tesla successful. My heart goes out to you.”
Let’s take a look at this very special company on this very special day, below:
Cathie Wood on Tesla, EV adoption and autonomy, in the video “Cathie Wood (ARK Invest): Why Tesla Stock Is Our #1 Pick“, below:
Loup Capital Ventures’ Gene Munster on what he sees in store for Tesla after its inclusion in the S&P 500. With CNBC’s Melissa Lee and the Fast Money traders, Tim Seymour, Karen Finerman, Brian Kelly and Cate Faddis. Subscribe to CNBC PRO for access to investor and analyst insights on Tesla and more, in the video “Top Tesla watcher Gene Munster sees $2,500 ahead“, below:
Tesla will be added to the S&P 500 at the open on Monday. It will immediately have the sixth largest market cap in the index behind only Apple, Microsoft, Amazon, Alphabet and Facebook. Gene Munster, co-founder and managing partner at Loup Ventures, and David Trainer, New Constructs CEO, joined “Squawk Box” on Monday ahead of opening bell to discuss how investors may react to Tesla joining the index. Subscribe to CNBC PRO for access to investor and analyst insights on Tesla, in the video “Loup Ventures’ Gene Munster: It’s important to put Tesla stock rise into context“, below:
At Monday’s open, Tesla will enter the S&P 500 with a 1.69% weighting in the index, the fifth largest. CNBC’s Phil LeBeau joined “Squawk Box” on Monday before the open with a look at the stock’s volatility and the next big catalyst for Tesla shares, in the video “Tesla shares are more volatile than most S&P 500 stocks“, below:
The pandemic took a backseat to Tesla on the stock market Friday as traders exchanged shares ahead of its upcoming debut on the market benchmark index, CNBC’s Jim Cramer said Friday. Trade in Tesla, the poster child of high-flying tech stocks in 2020, put pressure on the rest of the market in anticipation of the electric-vehicle maker’s inclusion on the S&P 500 before Monday’s open, he said. “The action today … had nothing to do with Covid and everything to do with Tesla’s admission to the S&P 500. That means the whole index needs to be rebalanced to make room for a stock that just won’t quit, including today,” the “Mad Money” host said. “Usually, new entrants to the S&P are much smaller than this. Tesla’s one of the 10 largest companies in America by market cap, so the impact reverberated through the whole market,” he added. S&P Dow Jones Indices, which decides the 500 components that make up the S&P 500, just over a month ago announced that Tesla would be added to the stock index on Dec. 21. Tesla shares are up 61% from the day of the announcement. Billions of stocks in other companies were sold in Friday’s session to make room for its inclusion, said Cramer, who has been bullish on the company. The S&P 500 fell 0.35% during the trading day, closing at 3,709.41. The 30-stock Dow Jones index declined 0.41%, or 124 points, to 30,179.05. The Nasdaq Composite dipped 0.07% to 12,755.64. All three averages retreated from their highs. Tesla, however, surged 6% higher to a record close of $695. The company will replace Apartment Investment and Management Co on the index. “I bet Tesla has more upside as [CEO Elon] Musk keeps meeting and beating his targets,” Cramer said. “I’m thrilled the stock has made so many people so much money, and I’m ecstatic that it’s helped a whole new generation fall in love with stock picking.” Despite the negative day of trading Friday, the major averages all ended the week with gains, including a 3% rise in the Nasdaq Composite over the last five sessions. “Once the index funds finish selling everything else to make room for this $650 billion behemoth, I’m betting the Santa Claus rally resumes,” he said, in the video “Jim Cramer: Tesla is the first non-traditional tech stock that could move the market“, below:
In the video “Jim Cramer on Tesla joining S&P 500: ‘I bet Tesla has more upside’“, below:
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
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