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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
SPX,
-0.81%

— Catalent Inc.
CTLT,
-2.83%

, Etsy Inc.
ETSY,
-3.58%

and Teradyne Inc
TER,
-4.06%

Tesla Inc.
TSLA,
+2.78%

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.
HRB,
+0.73%

, Coty Inc.
COTY,
+6.31%

and Kohl’s Corp.
KSS,
+2.44%

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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