Tesla Motors to replace Oracle Corp on Nasdaq 100 Index

Mon Jul 8, 2013 10:40pm EDT

The logo for Tesla Motors is shown at the company headquarters in San Carlos, California June 30, 2008. REUTERS/Robert Galbraith

The logo for Tesla Motors is shown at the company headquarters in San Carlos, California June 30, 2008.

Credit: Reuters/Robert Galbraith

(Reuters) - Nasdaq OMX Group Inc (NDAQ.O) said Tesla Motors Inc (TSLA.O) will replace Oracle Corp ORCL.O 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 NYX.N.

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.

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.

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

(Reporting by Sakthi Prasad in Bangalore; Editing by Stephen Coates)

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