Next week will see changes to the Nasdaq 100 index as a major software maker departs and an electric car company joins the list.
Last month, Oracle (ORCL) announced that it would move from Nasdaq OMX Group’s (NDAQ) Nasdaq to NYSE Euronext’s (NYX) New York Stock Exchange, becoming the largest corporation to make the switch between the rival stock exchanges. Replacing Oracle on the Nasdaq 100 will be Tesla Motors (TSLA), which will be added to the index prior to the commencement of trading on July 15, Bloomberg notes.
Tesla is having a banner year. The company recently produced its first every quarterly profit on rising sales of its upscale Model S electric car.
Earlier this year, it also announced that it had repaid Department of Energy loans years ahead of schedule.
Oracle, which has a market capitalization of $156.4 billion, had traded on the Nasdaq since 1986.
The news sent Tesla shares up more than 2% in Tuesday morning trading, while Oracle shares slid about 1%.