• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Tesla tumbles 6.5% from record high in S&P 500 debut

5 years ago
in Business, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
101
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Shares of Tesla ended sharply lower in their S&P 500 debut Monday, with losses accelerating after news of potential future competition from Apple. 

Tesla ended down 6.5% from a record high in the previous session, its steepest one-day drop in over a week. Losses steepened towards the end of the session after Reuters reported that Apple is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology.

The company’s shares had opened down nearly 5%.

The decline in Tesla’s shares accounted for about 0.1 percentage points of the S&P 500’s 0.4% decline for the day, according to Refinitiv data.

The electric car maker, headed by billionaire Elon Musk, is the most valuable company ever admitted to Wall Street’s main benchmark and accounted for a 1.69% weight in the index ahead of Monday’s trading.

The shares had surged almost 60% since mid-November, when Tesla’s debut in the S&P 500 was announced here, and have soared almost 700% so far in 2020.

Tesla jumped 6% on Friday in frantic trading ahead of its S&P 500 entry.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

Reuters Graphic

Tesla’s addition to the S&P 500 led index-tracking funds to buy $90 billion of shares by the end of Friday so their portfolios reflected the index, according to S&P Dow Jones Indices’ analyst Howard Silverblatt.

The change was effective prior to the open of trading on Monday, and Tesla is replacing Apartment Investment and Management Co.

Actively managed funds that benchmark their performance to the S&P 500 must now decide whether to buy shares of Tesla, and risk underperforming if Tesla’s recent rally continues and they do not own the shares.

“We put off that decision because we really believe the stock was running up into its inclusion in the S&P and that those who are in it for the arbitrage would sell starting today, and at least today, we are right,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

California-based Tesla’s rally has put its market value at about $616 billion, making it the sixth most valuable publicly listed U.S. company, although many investors view it as wildly overvalued.

Silverblatt said the S&P 500’s 2021 price/earnings ratio rises to 22.6 from 22.3 following Tesla’s addition.

Tesla is by far the most traded stock by value on Wall Street, with $18 billion worth of its shares exchanged on average in each session over the past 12 months, easily beating Apple, in second place with average daily trades of $14 billion, according to Refinitiv.

About a fifth of Tesla’s shares are closely held by Musk, the chief executive, and other insiders.

Source: reuters
Via: norvanreports
Tags: Elon MuskS&P 500Tesla
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.