The best-performing car manufacturing stock this year, Tesla Motors Inc., will join the Nasdaq-100 Index by next week, in replacement of Oracle Corp., which is joining the New York Stock Exchange.
Nasdaq OMX Group said in a statement yesterday, the automotive company will be added to their list, which tracks the largest companies on the Nasdaq, before the start of trading on July 15. Oracle, on the other hand, said it will move to the NYSE last month. After this move, Oracle will be the biggest company to switch between the rival exchanges Nasdaq and NYSE.
Shares of Tesla have increased in value more than three times this year in New York as its new Model S sedan turned the company profitable for the first time. The car making company is headed by Elon Musk. Having gained entry to gauges which are tracked by investors is sure to attract more investors as it provides a guaranteed shareholder base.
Tesla rose 1.3% to a record high of US$121.61 on Monday before the announcement.
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