Tesla Roars Into Nasdaq 100 on Monday

by Christopher Freeburn | July 9, 2013 9:48 am

Nasdaq 300x199 Tesla Roars Into Nasdaq 100 on Monday[1]Next week will see changes to the Nasdaq 100 index as a major software maker departs and an electric car company joins the list[2].

Last month, Oracle (ORCL[3]) announced that it would move from Nasdaq OMX Group’s (NDAQ[4]) Nasdaq to NYSE Euronext’s (NYX[5]) 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[6]), 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[7] on rising sales of its upscale Model S electric car.

Earlier this year, it also announced that it had repaid Department of Energy loans[8] years ahead of schedule.

Oracle, which has a market capitalization of $156.4 billion, had traded on the Nasdaq[9] since 1986.

The news sent Tesla shares up more than 2% in Tuesday morning trading, while Oracle shares slid about 1%.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/05/Nasdaq.jpg
  2. as a major software maker departs and an electric car company joins the list: http://www.bloomberg.com/news/2013-07-09/tesla-motors-to-join-nasdaq-100-index-as-oracle-leaves-for-nyse.html
  3. ORCL: http://studio-5.financialcontent.com/investplace/quote?Symbol=ORCL
  4. NDAQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=NDAQ
  5. NYX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NYX
  6. TSLA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSLA
  7. produced its first every quarterly profit: http://investorplace.com/2013/04/tesla-to-make-profit-for-first-time/
  8. had repaid Department of Energy loans: http://investorplace.com/2013/05/tesla-motors-pays-off-465m-govt-loan-early/
  9. had traded on the Nasdaq: http://investorplace.com/2013/06/oracle-to-set-to-switch-from-nasdaq-to-nyse/

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