{"id":138580,"date":"2020-12-21T21:23:13","date_gmt":"2020-12-21T18:23:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tesla-stock-slides-on-first-day-in-sp-500\/"},"modified":"2020-12-21T21:23:13","modified_gmt":"2020-12-21T18:23:13","slug":"tesla-stock-slides-on-first-day-in-sp-500","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tesla-stock-slides-on-first-day-in-sp-500\/","title":{"rendered":"#Tesla stock slides on first day in S&P 500"},"content":{"rendered":"

“#Tesla stock slides on first day in S&P 500<\/strong>”
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Tesla\u2019s stock price lost some charge in its S&P 500 debut \u2014 but Elon Musk\u2019s electric-car colossus is nowhere near out of juice, analysts say.<\/p>\n

Shares in the trailblazing automaker slid as much as 6.3 percent to $651.20 on Monday, dragging down the benchmark index amid concerns about a dangerous new coronavirus strain in the UK. The stock was off about 4.3 percent at $664.97 as of 1:15 p.m.<\/p>\n

But Tesla\u2019s staggering run is far from over because its addition to the S&P gives it some Wall Street cred that may lead previously skeptical investors to buy up shares, according to analysts.<\/p>\n

\u201cS&P 500 inclusion is a major validation point for Tesla as well as for Musk, showing that the red ink is in the rearview mirror,\u201d Wedbush Securities analyst Daniel Ives told The Post. <\/p>\n

Monday\u2019s drop is \u201ca knee-jerk reaction, but ultimately the path continues to look higher for Tesla if they execute at the pace we\u2019ve seen the last six to nine months,\u201d he added.<\/p>\n

Tesla\u2019s share price surged about 70 percent in the weeks after the mid-November announcement that it would become the most valuable company ever added to the index.<\/p>\n

The stock closed at a record high of $695 on Friday as investment funds that track the S&P snapp<\/a>ed up about $90 billion worth of Tesla shares to reflect the index\u2019s makeup.<\/p>\n

Tesla is known for its volatile trading \u2014 and it could take the S&P along for the ride now that it\u2019s part of the benchmark basket of US-listed stocks. The Silicon Valley automaker joined the index with a weight of 1.69 percent, so a change of $11.11 in the share price will move the S&P up or down by one point, according to Reuters<\/a>.<\/p>\n

But with those big price swings come the potential for big gains \u2014 putting pressure on large investors to add Tesla to their portfolios even if they\u2019ve avoided it in the past, according to David Keller, chief market strategist at StockCharts.com.<\/p>\n

\u201cYou can\u2019t just write Tesla off as a non-factor and focus on the names you know,\u201d Keller told The Post. \u201cYou have to consider how you\u2019re going to be allocated to one of the largest names in the space, a name that has a lot of potential for movement. If a stock like that keeps moving into next year, you\u2019re going to have a lot of trouble outperforming the S&P without a name like Tesla.\u201d<\/p>\n

\u201cYou sort of have to think of Tesla as one of the FAANG names now,\u201d Keller added, referring to the quintet of strong Big Tech stocks comprising Facebook<\/a>, Apple, Amazon, Netflix and Google.<\/p>\n

Tesla still has plenty of naysayers on Wall Street with bearish ratings from analysts at 13 firms including Barclays, Bernstein and JPMorgan, which predicts it will plunge to $90, according to Bloomberg data.<\/p>\n

But Keller contends the company\u2019s addition to the S&P is \u201csort of that nail in the coffin to the bearish argument.\u201d<\/p>\n

\u201cThe company continues to prove the doubters wrong, and in the [electric vehicle] market it\u2019s Tesla\u2019s world and everyone else is paying rent at this point,\u201d Ives said.<\/p>\n

With Post wires<\/em>\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Tesla stock slides on first day in S&P 500” Tesla\u2019s stock price lost some charge in its S&P 500 debut \u2014 but Elon Musk\u2019s electric-car colossus is nowhere near out of juice, analysts say. Shares in the trailblazing automaker slid as much as 6.3 percent to $651.20 on Monday, dragging down the benchmark index amid…<\/p>\n","protected":false},"author":1,"featured_media":138581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/tesla-stock-musk.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[87288,70462,80348,72388,70359,36402],"class_list":["post-138580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-21-20","tag-electric-cars","tag-sp-500","tag-stock-market","tag-stocks","tag-tesla"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/138580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=138580"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/138580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/138581"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=138580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=138580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=138580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}