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SpaceX closes at $148 in two-day slide after Nasdaq 100 inclusion

SpaceX closes at $148 in two-day slide after Nasdaq 100 inclusion

Morgan Stanley's Adam Jonas lays out his bull case for SpaceX

SpaceX stock closed at $148 on Wednesday, below the company’s first trading price of $150 per share for a second day in a row.

Elon Musk‘s aerospace and defense contractor was included in the Nasdaq 100 index on Tuesday, less than a month after its stock market debut on June 12. The rapid inclusion in the Nasdaq 100 was due, in part, to the exchange’s revised rules for new public companies to become part of that widely-tracked benchmark.

The SpaceX inclusion also required index funds and exchange-traded funds that are tied to the benchmark to buy shares of the company in order to match the new lineup.

SpaceX’s record initial public offering raised a total of $85.7 billion after underwriters exercised the “greenshoe” overallotment. SpaceX…

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