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Tesla Motors replaces Oracle in NASDAQ-100 index

Jul 10 2013, 1:44am CDT | by , in News | Technology News

Tesla Motors replaces Oracle in NASDAQ-100 index

Tesla's foray into the motor industry is finally beginning to pay off. Today, giant stock organization, Nasdaq, will be adding Tesla Motors into its 100 index.

Tesla's foray into the motor industry is finally beginning to pay off. Today, giant stock organization, Nasdaq, will be adding Tesla Motors into its index of one hundred biggest non-financial companies.

Tesla will take over the highly-coveted spot previously owned by computer technology corporation, Oracle. Apparently Oracle is moving out of the index and is headed to the New York Stock Exchange. Following the news, Tesla's shares went up 1.6 percent at the opening of trading.

The report comes after Tesla announced that the sales of its Model S electric cars exceeded its target. This, too, caused shares to surge, allowing the company to repay some $450 million its received in 2010 as a federal loan. Currrently, Tesla is estimated to have a market capitalization of $12.8 billion. 

Source: Nasdaq

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