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Tesla Will Replace REIT In S&P 500, Occidental Petroleum In S&P 100

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Tesla Will Replace REIT In S&P 500, Occidental Petroleum In S&P 100

Tesla Inc (NASDAQ: TSLA) is replacing Apartment Investment and Management Co. (NYSE: AIV) in the S&P 500 Index on Dec. 21, the index announced Friday. 

Tesla will also be added to the S&P 100, replacing Occidental Petroleum Corp. (NYSE: OXY); the energy company will remain in the S&P 500. 

It is estimated Tesla's addition will likely result in about $78 billion of inflows into the stock from passive funds indexed to the S&P 500 Index, according to Morgan Stanley analyst Boris Lerner.

After a long wait, Tesla has finally managed to receive S&P Global's blessings for addition to the Index.

Tesla will be the largest addition to the S&P 500 Index ever and will become the eighth most heavily weighted stock in the index.

S&P Makes Other Changes: In another index change, Apartment Income REIT Corp. (NYSE: AIRC) will replace Dunkin' Brands Group Inc. (NASD: DNKN) in the S&P MidCap 400.

Apartment Investment and Management is spinning off Apartment Income REIT in a transaction expected to be completed after the close Monday, Dec. 14, the index said, at which point Apartment Investment and Management will "no longer be representative of the S&P Composite 1500 indices market cap ranges."

Dunkin' Brands is being acquired by Inspire Brands in a tender offer set to expire on or around Tuesday, Dec. 15. 

Click here to check out Benzinga's EV Hub for the latest electric vehicle news.

AIV, TSLA Price Action: Apartment Investment & Management shares were down 4.88% at $38.60 in Friday's after-hours session. 

Tesla shares were down 0.24% at $608.50 after losing 2.72% in Friday's regular session and closing at $609.99.

Related Link: Tesla Analyst Breaks Down Market Implications Of EV Maker's Inclusion In S&P 500 Index

Dustin Blitchok contributed to this report. 

Photo courtesy of Tesla. 

 

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