Tesla got snubbed by the S&P 500.
The S&P 500 Index Committee failed to add Elon Musk’s Tesla Inc to the S&P 500 despite popular opinion but instead moved Etsy Inc (NASDAQ: ETSY), Teradyne Inc (NASDAQ: TER) and Catalent (NYSE: CTLT) into the Index. Shares of Tesla Inc dropped more than 7% on Friday after the news, while shares of Etsy, the e-commerce marketplace for artisans, rose more than 5%. The exclusion came as a surprise to many investors who had seen Tesla as a candidate for inclusion on the S&P 500 after the company reported its fourth straight profitable quarter. Click here to read more
Italy’s Competition and Market Authority has launched six investigations into Google Drive, Apple’s iCloud and Dropbox after hearing complaints about alleged unfair commercial practices. The agency is investigating whether the three companies failed to properly indicate how their services would collect and use consumer data for commercial purposes. The probe comes on the heels of a larger push by the EU for tech companies to provide greater privacy protections for consumers. Click here to read more.
Energy giant, ExxonMobil has had a difficult year due to a severe decline in oil demand globally. This year, the company nearly doubled its outstanding debt after it borrowed $23 billion to pay its bills. Back in July, it posted its first back-to-back quarterly losses ever. Now, the company is embarking on a worldwide review of projects in order to maximise efficiency and cut costs so as to retain a strong position. This review could push thousands out of the company and cut the sacrosanct Exxon dividend. Click here to read more
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Here are the biggest movers in pre-market trading
1. Warren Buffett’s Berkshire Hathaway slashes stake in Wells Fargo. Click here to read more
2. Bezos, Musk, Zuckerberg and Gates lost a collective $25 billion in net worth after Tech stocks fell. Click here to read more
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