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S&P 500 adds three companies not named Tesla, sending car company’s shares down

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

Tesla 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%.

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