Tesla shares bounce after record plunge
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FILE PHOTO: The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson
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By Chuck Mikolajczak
NEW YORK (Reuters) - Tesla Inc (NASDAQ: TSLA) shares bounced on Wednesday, a day after the electric car maker suffered the biggest one-day percentage drop in the company's history.
Shares jumped 6.88% a day after falling more than 21% as the company was passed over for inclusion in the benchmark S&P 500 <.SPX> index. The decline on Tuesday chopped off about $80 billion in Tesla's market value, or more than the combined value of fellow automakers General Motors (NYSE: GM) and Ford Motor (NYSE: F).
The stock has been on a meteoric climb this year, rising about 400% through Sept. 4, including a gain of more than 74% in August as expectations grew the company would be included in the S&P 500 after its second-quarter earnings cleared a hurdle for inclusion in the index.
S&P late Friday announced it would include online craft seller Etsy Inc (NASDAQ: ETSY), semiconductor equipment maker Teradyne Inc (NASDAQ: TER) and pharmaceutical technology company Catalent Inc (NYSE: CTLT) to the S&P 500 instead.
Tuesday's decline pushed the stock down to a closing level of $330.21, just above its 50-day moving average of $329.63, a key technical support level.
(Reporting by Chuck Mikolajczak; Editing by Chris Reese)
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