Rivian Removed From NASDAQ - 100 -- June 14, 2023

Locator: 44933EVS.   

Link here. In pre-market trading, EV is up about one percent. Companies like Rivian should do better in a lower interest rate environment. 

Nasdaq is dropping Rivian because it shrunk too much. The electric carmaker will lose its spot on the Nasdaq-100, which comprises 100 of the largest non-financial companies listed on the Nasdaq stock exchange, on June 20, Nasdaq confirmed yesterday, June 13, 2023.

The EV stock is being booted because it has had a weight of less than 0.1% for two consecutive months on the market-capitalization-weighted index, where companies with growing stock prices yield higher influence.

The biggest companies on the New York-based index Microsoft and Apple, both of which have a roughly 12% weightage.

JPMorgan Chase analyst Min Moon, who had warned that Rivian was on the verge of getting kicked off two weeks ago, also correctly predicted its replacement: ON Semiconductor.

Nasdaq will sell all the shares it holds in Rivian and replace them with On Semiconductor’s shares. This could deal another blow to the struggling, money-draining EV company.

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The Book Page

The Naked and the Dead: one can see why this book remained at the top of the best-seller list soo long when it first came out. The farther one gets into it, the more hooked one becomes. 

The Nineties: A Book, Chuck Klosterman, c. 2022. When Klosterman is good, he's very, very good. This one? Very good. Highly recommend for summer reading. Excerpts from the book here, but even these excerpts fail to capture how good this book really is.