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Tesla Gets a Big ETF Promotion (TSLA)

Elon Musk's Tesla (NASDAQ:TSLA), the electric car maker whose shares have more than tripled this year, is going to be found in more ETFs after NASDAQ OMX Global Indexes announced the stock will replace Oracle (NASDAQ:ORCL) as a member of the Nasdaq 100.Enterprise software maker is leaving the Nasdaq 100 because it is switching to a listing on the New York Stock Exchange. Oracle becomes the largest company by market value to make an exchange switch.California-based Tesla will become a component of the NASDAQ-100 Index (Nasdaq: NDX) and the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) prior to market open on Monday, July 15, according to a statement issued by NASDAQ OMX Global Indexes.That means Tesla will become a member of the PowerShares QQQ (NASDAQ:QQQ), the NASDAQ 100 tracking ETF. Oracle is currently the fourth-largest member of the cap-weighted QQQ with a weight of 4.25 percent. Based on Tesla's market value of $14.05 billion at Monday's close, the stock would receive a larger w...

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