Three new names were added to the S&P 500 index on Friday, and none of them were Tesla Inc.
S&P Dow Jones Indices announced Friday afternoon that it would add three companies to the S&P 500
— Catalent Inc.
, Etsy Inc.
and Teradyne Inc
was thought to be in line for the addition after announcing a fourth consecutive quarter of profitability, a requirement of the index, which many observers cited as a reason for a gigantic increase in the electric-car company’s stock in recent weeks.
Instead, three previous members of the S&P MidCap 400 will move up to the larger index, replacing three other companies that moved down to the mid-cap index, H&R Block Inc.
, Coty Inc.
and Kohl’s Corp.
Tesla stock fell more than 4% in after-hours trading immediately following the announcement. Catalent shares rose nearly 4%, Etsy shares added more than 4%, and Teradyne stock increased nearly 3%.