Tesla Motors to Replace Oracle on Nasdaq 100 Index

Tuesday, 9 Jul 2013 | 10:13 AM ET
Ann Hermes | The Christian Science Monitor | Getty Images

Nasdaq OMX Group said Tesla Motors will replace Oracle on the Nasdaq 100 stock index, reflecting the rising profile of the U.S. electric car maker.

Oracle said in June that it was moving its stock listing to the New York Stock Exchange from the Nasdaq, in the largest-ever U.S. market transfer and a coup for NYSE Euronext.

Tesla will become a component of the Nasdaq 100 Index and the Nasdaq 100 Equal Weighted Index prior to the market opening on July 15, the exchange said on its website.

In contrast to several traditional automakers that have rolled out electric vehicles that failed to live up to expectations, Tesla has sold thousands of its luxury electric cars. Tesla shares have nearly tripled this year.

(Read More: Tesla Stock Could Hit $109, Analyst Says)

Jim Cramer's Crazy Tesla Test Drive
CNBC's Jim Cramer takes the electric car out for a spin and reveals if he thinks the car is as hot as the stock.

Traditionally, Nasdaq had a lock on technology company listings, and NYSE on blue-chip stocks, but both have made gains into each others' respective territories in recent years.

The Nasdaq 100 Index includes 100 of the largest domestic and international non-financial securities listed on the Nasdaq stock market based on market capitalization.

(Read More: Cramer Wowed by Tesla Test Drive; Wants One)

Tesla has a current market capitalization of about $14.5 billion, according to Thomson Reuters data.

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