Tesla Motors Inc Joins The Nasdaq 100 Index

Tesla Motors Inc Joins The Nasdaq 100 Index

Oracle Corporation (NASDAQ:ORCL) is set to be replaced by Tesla Motors Inc. (NASDAQ:TSLA) at the Nasdaq 100 stock index, according to the Nasdaq OMX Group Inc. The replacement shows the increasing profile of the electric car manufacturer.

Oracle revealed last month that is will move its stock listing from the Nasdaq into the New York Stock Exchange. This will be the biggest market transfer of NYSE Euronext (NYSE:NYX) in the United States. Nasdaq revealed that Tesla will become a part of the Nasdaq 100 index along with the Nasdaq 100 Equal Weighted Index before the market will open on July 15.

Tesla Motors Inc was able to achieve what a good number of auto manufacturers were not able to accomplish, to release an electric vehicle that is doing well in the market. Sales of the luxury electric automobiles of the company have been notable. This allowed shares of the company to increase by nearly three times during the year.

Normally, tech company listings have gone to Nasdaq while the NYSE has locked into blue-chip stocks. However, recent years have seen both exchanges getting into the market of its rival.

The Nasdaq 100 Index has 100 of the biggest international and domestic non-financial securities in terms of market capitalization listed on Nasdaq. The current market capitalization of Tesla Motors Inc is at around $14.5 billion.

Posted by James Fried on Tuesday July 09 2013, 4:10 AM EST. Ref: Reuters. Link. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0