Tesla Motors, the Palo Alto, Calif.-based automaker, is joining
the Nasdaq-100 Index on July 15, and will then be eligible to
become part of a roster of
outside the clean energy segment such as the $34.5 billion
PowerShares QQQ Trust (NasdaqGM:QQQ).
Oracle Corp.'s departure from the index has opened the way for
Tesla, the $12.8 billion electric car automaker, to not only join
the Nasdaq-100 Index, but also the Nasdaq-100 Equal Weighted Index,
Nasdaq said in a press release. It wasn't immediately clear what
Tesla's respective weightings would be in the each of the
Apart from QQQ, Tesla may also find its way into other ETFs that
track these benchmarks, including the Direxion Nasdaq-100 Equal
Weighted Index Shares (NYSEArca:QQQE) and the $144 million First
Trust Nasdaq-100 Equal Weighted ETF (NYSEArca:QQEW).
Tesla's stock price has risen some 250 percent year-to-date,
helping propel higher ETFs that own it. The $54.2 million First
Trust Nasdaq Clean Edge Green Energy ETF (NasdaqGM:QCLN), which has
the distinction of being the alternative energy equities ETF with
the highest allocation to Tesla, is one of the best-performing
funds so far in 2013, with gains nearing 60 percent. The fund has
also seen its assets under management double year-to-date.
The Market Vectors Global Alternative Energy ETF (NYSEArca:GEX)
has rallied some 42 percent, thanks in part to its Tesla
The electric car manufacturer behind the Tesla Model S reported
a first-quarter profit amounting to a 115 percent increase in
income. Revenue hit $562 million in the first quarter from $30
million in the same year-earlier period.
Oracle, a $145 billion company, no longer meets the inclusion
criteria for the Nasdaq 100, a Nasdaq representative told
IndexUniverse, who noted a company must be exclusively listed on
the Nasdaq for inclusion. According to the index methodology, once
a company fails to meet the requirements, it's replaced with the
largest market capitalization security not included in the
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