Shares of Tesla Inc. TSLA,
dropped 5.6% in premarket trading, to pull away from the back-to-back record set late last week as Wall Street prepared to finally see the giant electric vehicle manufacturer be included in the coveted S&P 500 SPX,
The stock shot up 11.6% in the past two days to Friday’s record close at $ 695.00, as funds tracking the benchmark wanted to add the stock before Friday’s close, when the draw was official. As MarketWatch’s Claudia Assis reported, citing Bernstein analyst Toni Sacconaghi, there is a priority for stocks to recover before the S&P 500’s inclusion, but not much history of outperformance after inclusion. Tesla’s market capitalization at Friday’s close was $ 658.79 billion, making Tesla the six-month high-value company in the S&P 500.