Tesla is still screwing up … 13% to $ 365 today on Wall Street, and was even losing nearly 20% earlier today. The fall is at the height of the vertiginous rally before. Elon Musk's group will not enter the broad S & P500 index, as traders speculated on such inclusion.
Tesla completed the sale of $ 5 billion of common stock late last week. Standard & Poor's nevertheless broke the mood by indicating that the file was not going to join its flagship index for the moment … Since the recent historic stock market peaks, Tesla has lost a quarter of its stock market value, which is starting to sting a little.
Catalent (+ 1%) and Etsy (+ 5%) are luckier, and progress with the announcement by S&P Dow Jones of their entries in the S & P500, expected on September 21. Teradyne (-1%) will also join the large Wall Street index. H&R Block, Coty and Kohl's, however, left the index.
General Motors (+ 8%) is also placing its pawns in the electric market. The Hongguang Mini EV, an electric mini-car built by the American group's Chinese joint venture, became the best-selling electric vehicle in China in August, even surpassing Tesla's Model 3. At least that's what the monthly statistics from the Association of Chinese Individual Car Manufacturers' Association show.
Nikola (+ 37%!), American automaker based in Phoenix, is blazing on Wall Street over a partnership with GM for its electric 'super truck'. General Motors will thus manage the engineering and production of the Nikola Badger. GM will obtain 11% of Nikola's capital for $ 2 billion, as well as the right to appoint a director. Nikola expects savings of more than $ 4 billion in batteries and powertrains over ten years with the deal. $ 1 billion in engineering and validation costs would be saved. The Badger is due to go into production at the end of 2022.
But the main blow to Tesla remains the decision of index manager Standard & Poor's not to include stock as part of its reshuffle of the flagship S & P500 index. Much of the recent surge in the Californian electric vehicle maker's price was based on expectations of an entry into the S & P500, which Tesla could claim since the group posted 4 consecutive quarters of profits (one of the conditions for becoming member of S & P500).
On Friday after the Wall Street close, S&P in a statement announced the entry into the S & P500 of Etsy (online sales) of Teradyne (automatic test systems for the semiconductor industry) and Catalent (pharmaceutical supplier) from September 21. H&R Block (help with tax returns), Coty (cosmetics) and Kohl's (distribution) will, on the other hand, leave the index most followed by professional managers.
The price of Tesla stock (whose nominal was recently divided by 5) had multiplied by 5 since the beginning of the year to reach a record of $ 498.32 on August 31, before starting its correction. The start of the decline was given with the announcement of the proposed capital increase of 5 billion dollars.