Caveat emptor22 Dec 2020 08:52
High-flying Tesla stock takes a hit on 1st day in S&P 500. Shares tumbled 6.5% to $649.86 even though the index as a whole lost only 0.4%. The stock hit a record high on Friday.
https://apnews.com/article/technology-financial-markets-elon-musk-detroit-e9171e84d017e283bfc5e7d10343f5ad
"On paper, Tesla is worth more than Toyota, Volkswagen, General Motors, Ford, Fiat Chrysler, Nissan and Daimler combined.
“Tesla shares are in our view, and by virtually every conventional metric, not only overvalued, but dramatically so,” J.P. Morgan analyst Ryan Brinkman wrote in a note to investors. He has a $90 one-year price target on the stock."