sunny.png
Saturday October 23rd, 2021 8:51AM

Tesla will be added to the benchmark S&P 500 index Dec. 21

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Tesla will be added to the S&P 500 index on Dec. 21. Based on its market value Monday, the electric car maker would be one of the top 10 companies in the benchmark index upon entry.

S&P Dow Jones Indices made the announcement after the closing bell. Tesla shares jumped nearly 14% in after-hours trading.

Tesla became eligible to join the S&P 500 after posting its fourth consecutive profit in the second quarter of this year. However, it was not selected for inclusion in the index in September by the index committee at S&P Dow Jones Indices.

Tesla shares have soared 387.8% this year as the company is finally making money on a consistent basis after years of losses and continues to hit milestones for deliveries of its vehicles. Tesla earned $331 million in the third quarter on revenue of $8.77 billion.

The company, led by Elon Musk, has a market value of $386.83 billion as of Monday's close. That would make it the tenth most valueable company in the S&P 500.

S&P Dow Jones Indices said Tesla will be one of the largest companies added to the S&P 500 in the past decade. The company said it is considering adding Tesla in two stages on Dec. 14 and 21.

The company Tesla is replacing in the S&P 500 will be announced at a later date, S&P Dow Jones Indices said.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Technology News
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Hurricane Iota's front edge pushing onto Nicaragua coast
The front edge of powerful Hurricane Iota has begun battering Nicaragua’s Caribbean coast, threatening catastrophic damage to the same part of Central America already battered by equally strong Hurricane Eta less than two weeks ago
10:03PM ( 59 minutes ago )
California governor imposes new restrictions in pandemic
California Gov. Gavin Newsom says he is pulling the “emergency brake” on the state’s efforts to reopen its economy as coronavirus cases surge more dramatically than they did during the summer
9:52PM ( 1 hour ago )
Huawei selling Honor phone brand in face of US sanctions
Chinese tech giant Huawei is selling its Honor smartphone brand in an effort to rescue the struggling business from damaging U.S. sanctions imposed on its parent company
9:43PM ( 1 hour ago )
Associated Press (AP)
Governors ratchet up restrictions ahead of Thanksgiving
More governors and mayors are ratcheting up COVID-19 restrictions ahead of Thanksgiving for fear that holiday travel and family gatherings will only worsen the record-breaking, coast-to-coast resurgence of the virus
8:56PM ( 2 hours ago )
2nd virus vaccine shows striking success in US tests
There's more promising news on the COVID-19 vaccine front as Moderna says its shot provides strong protection against the coronavirus
8:20PM ( 2 hours ago )
California governor imposes new restrictions to curb COVID
California Gov. Gavin Newsom says he is pulling the “emergency brake” on the state’s efforts to reopen its economy as coronavirus cases surge more dramatically than they did during the summer
7:50PM ( 3 hours ago )
AP Business
The Latest: Johnson & Johnson starts two-dose vaccine trial
Johnson & Johnson has begun a new late-stage trial of its experimental COVID-19 vaccine, this time on a two-dose regimen
6:02PM ( 5 hours ago )
Tesla will be added to the benchmark S&P 500 index Dec. 21
Tesla will be added to the S&P 500 index on Dec. 21
5:59PM ( 5 hours ago )
US casinos recovering from virus, but challenges remain
The trade association for the U.S. gambling industry says America’s casinos are recovering from months of closures necessitated by the coronavirus outbreak, having regained 81% of the gambling revenue they saw in the third quarter of last year
3:57PM ( 7 hours ago )
AP Business - Corporate News
Dow returns to record, S&P 500 adds to its on vaccine hopes
The Dow Jones Industrial Average closed at a record high Monday, erasing the last of its pandemic losses, after a second drug company announced encouraging progress on developing a coronavirus vaccine
5:11PM ( 5 hours ago )
Dow closes at a record high as hopes build for a vaccine
The Dow Jones Industrial Average closed at a record high Monday, erasing the last of its pandemic losses, after a second drug company announced encouraging progress on developing a coronavirus vaccine
4:04PM ( 6 hours ago )
The Latest: Biden says his family following holiday guidance
As Americans face the complications of holding holiday celebrations amid the ongoing pandemic, President-elect Joe Biden says he and his family are trying to navigate the same issues, with safety measures
4:01PM ( 7 hours ago )
AP Business - Economy
Saudi Aramco to issue bonds as it seeks cash amid oil slump
Saudi Arabia’s oil giant Aramco says it will issue international bonds as it seeks a cash infusion to help pay for billions of dollars in dividends the company promised shareholders before the global coronavirus pandemic sent oil prices plummeting
10:20AM ( 12 hours ago )
Stocks open higher on Wall Street on more good vaccine news
Encouraging news on a second possible coronavirus vaccine sent stocks higher in early trading on Wall Street, following gains in overseas markets
9:43AM ( 13 hours ago )
World shares jump on more good news about virus vaccines
Stock markets are rallying on news that a second coronavirus vaccine shows promise
7:58AM ( 15 hours ago )
AP Business - Financial Markets
Academics, video game makers team up in rare collaboration
A study by Oxford University researchers on how playing video games affects mental health used data from video game makers, marking what the authors say is the first such collaboration between academics and the game industry
3:15PM ( 7 hours ago )
Facebook, Twitter CEOs to be pressed on election handling
The CEOs of Facebook and Twitter are being summoned before Congress to defend their handling of disinformation in the contest between President Donald Trump and Democrat Joe Biden
12:37PM ( 10 hours ago )
Privacy activists in EU file complaints over iPhone tracking
European privacy activists have filed complaints against Apple over its use of software to track the behavior of iPhone users
12:05PM ( 10 hours ago )
AP Technology News
Hurricane Iota's front edge pushing onto Nicaragua coast
The front edge of powerful Hurricane Iota has begun battering Nicaragua’s Caribbean coast, threatening catastrophic damage to the same part of Central America already battered by equally strong Hurricane Eta less than two weeks ago
10:03PM ( 1 hour ago )
California governor imposes new restrictions in pandemic
California Gov. Gavin Newsom says he is pulling the “emergency brake” on the state’s efforts to reopen its economy as coronavirus cases surge more dramatically than they did during the summer
9:52PM ( 1 hour ago )
Huawei selling Honor phone brand in face of US sanctions
Chinese tech giant Huawei is selling its Honor smartphone brand in an effort to rescue the struggling business from damaging U.S. sanctions imposed on its parent company
9:43PM ( 1 hour ago )
Peru's Congress selects centrist lawmaker to be new leader
Peru’s Congress has chosen a new leader expected to become the nation’s third president in the span of a week, a hopeful sign that the political crisis is on the verge of resolution
9:18PM ( 1 hour ago )
All-Star guard Chris Paul sent to Suns in blockbuster trade
All-Star guard Chris Paul has been traded from the Oklahoma City Thunder to the Phoenix Suns, where he’ll play alongside one of the league’s most dynamic young scorers in fellow All-Star Devin Booker
9:14PM ( 1 hour ago )