Tesla Shares Rise on S$P 500 News
American electric vehicle and clean energy company Tesla Inc will join the S&P 500 before the opening bell on December 21, S&P Global announced on Monday.
Tesla will replace a company that will be disclosed later, with SPDJI saying it was still determining how Tesla, which has a market cap of $386.8 billion, can be best added to the benchmark index.
“Due to the large size of the addition, S&P Dow Jones Indices is seeking feedback through a consultation to the investment community to determine if Tesla should be added all at once on the [Dec. 21] rebalance effective date or in two separate tranches ending on the rebalance effective date,” S&P Dow Jones Indices said after market close.
Wallmart Earnings
Walmart Inc. released its financial results for the third quarter with total revenue rising by 5.2% year-on-year to $134.7 billion.
Operating income was up 22.5% to $5.78 billion while consolidated net income rose 56.6% to reach $5.2 billion in the three months ending with October 31, 2020. Walmart’s United States eCommerce sales skyrocketed by 79%, while US comp sales were 6.4% higher.
“Walmart International net sales were $29.6 billion, an increase of 1.3%. Changes in currency rates negatively affected net sales by approximately $1.1 billion.” It said in a statement.
Baidu Earnings
Chinese tech company Baidu Inc revenues for the third quarter of 2020 increased marginally by 1% to $4.16 billion. The compay’s operating income was up 161% year-over-year to $907 million while net income landed at $2.01 billion, compared to a net loss of $968 million in the third quarter of 2019.
AirBnb IPO
American vacation rental online marketplace company Airbnb revenue fell 19% on the year to $1.9 billion last quarter, according to a prospectus released ahead of its initial public offering on the Nasdaq in December.
Net income during the period landed at $219 million.
“In early 2020, as COVID-19 disrupted travel across the world, Airbnb’s business declined significantly. But within two months, our business model started to rebound even with limited international travel, demonstrating its resilience,” Airbnb noted in its prospectus.
