According to a CNBC Pro analysis of the latest data, there are seven stocks in the S&P 500 that continue to rise alongside Tesla shares. US-listed stocks include cybersecurity and network equipment maker Juniper Networks, digital storage company Seagate Technologies, software developer Tyler Technologies, pharmaceutical and biotech companies Regeneron Pharmaceuticals, Vertex Pharmaceuticals and Illumina, and pet health company IDEXX Laboratories. The stock price performance of these S&P 500 stocks is highly correlated with Tesla’s stock price performance over the past month. However, unlike Tesla, which has plunged more than 30% this year, these stocks have posted either flat or relatively slightly negative returns. Tesla shares rose in after-hours trading on Tuesday after Chief Executive Elon Musk told investors that production of a new, more affordable electric car model could begin earlier than expected. It came after the company reported a 9% drop in first-quarter revenue, the biggest drop since 2012, and missed analysts’ expectations as the electric car company continued to cut prices. In the table below, a value of 1 in the relevant column means that if Tesla’s stock rises or falls, the public company’s stock price moves simultaneously. A correlation of zero indicates that there is no statistical connection between the EV maker’s stock and the share prices of the seven companies. Past relative returns do not indicate causality or guarantee future return or price action patterns. 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. The consensus upside potential for the stocks mentioned comes from the FactSet poll of analysts for each stock. —CNBC’s Lora Kolodny contributed to this report.
(tagstotranslate) SPDR S&P 500 ETF Trust
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