As Tesla shares fell, six stocks in the S&P 500 rose, according to a CNBC Pro analysis of the latest data. US-listed stocks include chemical giants Linde and FMC, online shopping company eBay, consumer goods maker Church & Dwight, grocer Walmart and bank Wells Fargo. The stock price performance of these S&P 500 stocks is inversely related to Tesla’s stock price performance over the past month. Their stock prices are generally up this year, while Tesla’s is down 40%. Deutsche Bank analyst Emmanuel Rosner said Tesla’s tough times are expected to continue as the company moves into new self-driving technology. The new forecast implies a decline of around 15% over the next 12 months. In the table below, a negative value of 1 in the relevant column means that if Tesla’s stock rises or falls, the public company’s share price moves in the opposite direction. A correlation of 0 indicates that there is no statistical connection between the electric car maker’s stock and the stock prices of the six companies. Correlated returns do not indicate causality or guarantee future return or price action patterns. The table below highlights the 10 stocks in the S&P 500 that had the strongest negative correlation with Tesla’s stock price over the past week (April 14 to April 20): Consumer goods maker Church & Dwight was the only stock that was negatively correlated with Tesla’s stock price in March and last week. Went to Tesla. CNBC Pro’s analysis uses the Pearson correlation coefficient, which is the most common way to measure the linear correlation between two variables (in this case, stock prices). CNBC’s calculations only measure the direction and magnitude of daily price movements. No consideration is given to long-term returns. —CNBC’s Fred Imbert contributed to this report.
(tagstotranslate) SPDR S&P 500 ETF Trust
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