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Tesla (TSLA) climbs 9% following addition to S&P 500
Tesla (TSLA) stock jumped 9% in trading on Tuesday on the news of the electric carmaker’s addition to the S&P 500.
Tesla has been knocking on the door for admission to the index this year after rebounding to consecutive profits.
It was finally announced on Tuesday that the Elon Musk-helmed company will trade for the first time on the broad market index from 21st December 2020.
While Tesla’s addition has been mooted for some time now, David Trainer, CEO of investment research firm New Constructs, said that it will potentially bring “huge downside risk” to the S&P 500.
TSLA was trading higher after the news though, making gains of 9.20% at around 2:20pm (ET) on the Nasdaq.
Analysts also weighed in on the news, with Wedbush, which carries a neutral rating and a $500 price target, claiming that it was a “major feather in the cap” for bullish Tesla investors.
JMP Securities stood pat on an outperform rating and a $516 PT and said that TSLA is likely to rally in the near term.
Tesla shares are currently valued at $443.79, which is around 42% higher than the $256.61 consensus PT.
The average rating is at hold with nine buy, 13 hold and 11 sell ratings.
In other news, Walmart (WMT) eased 0.6% lower despite posting a robust Q3 report.
The retailer came in with $1.34 earnings per share and $134.7bn revenue versus the $1.18 and $132.2bn expectations.
Same-store sales in the US climbed 6.4% as Walmart’s health and wellness, food and general merchandise categories all performed well.
Online sales were also strong, soaring 79% from a year ago.
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