According to TD Securities, SpaceX’s most important dates have yet to materialize.
Peter Haynes, the company’s head of index and market structure, suggested that SpaceX’s public launch is just one part of SpaceX’s larger schedule.
He urged investors to pay close attention to when SpaceX will be added to major indexes such as the S&P Total Market Index, MCI Global Index, Russell Index, and Nasdaq 100 early this summer.
“Day 15 [after SpaceX goes public]”That’s supposed to be the day that Nasdaq rebalances the 100 index to reflect SpaceX’s IPO stock, and that’s supposed to be July 6…That’s the date… “This will be the day we rebalance the Nasdaq 100 index to reflect SpaceX’s IPO stock. And from there, we will consider when the index will adjust for additional stocks that will be freely traded in the future.”
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In what Haynes called a “controversial decision,” the S&P 500 index committee announced earlier this month that SpaceX would not be quickly added to the index. That means Elon Musk’s rocket maker will have to trade on the market for at least a year before becoming eligible.
“This leaves us with other benchmarks and their rebalance schedules,” Haines said.
The decision has bigger implications for future index events, he says, as many stocks will become freely tradable and will need to be reflected in benchmarks.
SpaceX listed on the Nasdaq at 11:46 a.m. ET on Friday. Shares rose more than 19% to close at $160.95. The market capitalization exceeded $2 trillion.
“We take for granted that the infrastructure that supports our stock trading business is always functional. Today was a test of that infrastructure, and in my opinion, the industry has passed the test,” Haynes said in a special note to CNBC after Friday’s market close.
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