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Press Release   •   Jul 10, 2013 08:12 EDT

NASDAQ OMX Group Inc reported that Tesla Motors Inc (NASDAQ:TSLA) will substitute Oracle Corp (NASDAQ:ORCL) on the NASDAQ 100 stock index, mirroring the increasing profile of the US electric car maker.

Oracle reported in June that it was moving its stock registering to the New York Stock Exchange, from the NASDAQ, in the biggest ever US market transfer and a coup for NYSE Euronext.

Tesla will become a component of the NASDAQ 100 Index and the Nasdaq 100 Equal Weighted Index, ahead of the market start on July 15, the exchange reported on its website.

In contradiction of many traditional vehicle makers that have launched electric vehicles that were unable to live up to predictions, Tesla has sold thousands of its opulent electric cars. Tesla shares have increased almost threefold this year.

Usually, Nasdaq had a lock on technology firm listings, and NYSE on blue-chip stocks, but both have made gains into each others' individual regions in recent years.

The NASDAQ 100 Index consists of 100 of the biggest domestic and international non-financial securities registered on the NASDAQ stock market, formed on market capitalization. Tesla has a present market capitalization of almost $14.5 billion, as per reported by Thomson Reuters data.

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Jeff Mirkin has been trading penny stocks for 12 years and is an expert in microcap securities.