The S&P 500 will add three new companies this month -- but none of them are $TSLA. “The Champagne was on ice to get into the S&P 500 ... This was a bit of a shocker.'
S&P Dow Jones Indices announced Friday afternoon that it will add three companies to the S&P 500 SPX, -1.74% — Catalent Inc. CTLT, -0.23% , Etsy Inc. ETSY, +1.22% and Teradyne Inc. TER, -1.19% Tesla Inc. TSLA, -16.61% was thought to be in line for the addition after announcing a fourth consecutive quarter of profitability, a requirement of the index, which many observers cited as a reason for a gigantic increase in the electric-car company’s stock in recent weeks.
When reached Friday, Ives said, “The Champagne was on ice to get into the S&P 500, [it] was baked into shares.” Ives reiterated his neutral rating on Tesla shares in a note later Friday. Only 22% of sell-side analysts tracked by FactSet consider Tesla a “buy” as of Friday afternoon, which was actually an increase from earlier in the week, but still well lower than other stocks in the S&P 500 index.
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