TSLA Tumbles After S&P 500 Shun

But, but, but… everyone was so certain!!

S&P Dow Jones Indices have just issued a statement confirming new additions and deletions from their major indices.

S&P Dow Jones Indices will make the following index adjustments to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 to ensure each index more appropriately represents its market capitalization range.

The changes will be effective prior to the open of trading on Monday, September 21, 2020 to coincide with the September quarterly rebalance:

S&P MidCap 400 constituents Etsy Inc. (NASD:ETSY), Teradyne Inc. (NASD:TER), and Catalent Inc. (NYSE:CTLT) will move to the S&P 500, replacing H&R Block Inc. (NYSE:HRB) Coty Inc. (NYSE:COTY) and Kohl’s Corp. (NYSE:KSS), all of which will move to the S&P MidCap 400.

S&P SmallCap 600 constituents Wingstop Inc. (NASD:WING), Medpace Holdings Inc. (NASD:MEDP), and Fox Factory Holding Corp. (NASD:FOXF) will move to the S&P MidCap 400, replacing PBF Energy Inc. (NYSE:PBF), Allegheny Technologies Inc. (NYSE:ATI) and Mack-Cali Realty Corp. (NYSE:CLI), all of which will move to the S&P SmallCap 600.

Jazz Pharmaceuticals plc (NASD:JAZZ) will replace Transocean Ltd (NYSE:RIG) in the S&P MidCap 400. Transocean is no longer representative of the mid-cap market space. Mr. Cooper Group Inc. (NASD:COOP) and R1 RCM Inc. (NASD:RCM) will replace Express Inc. (NYSE:EXPR) and Pennsylvania Real Estate (NYSE:PEI) respectively in the S&P SmallCap 600. Express and Pennsylvania Real Estate are no longer representative of the small-cap market space.

And… drum roll please… no TSLA addition to the S&P 500.

And TSLA is tumbling back below $400 after-hours…

Elon has some ‘splaining to do!

As a reminder, this comes a week after the index providers kicked Exxon, Pfizer, and Raytheon out of the Dow.