During early trading on Tuesday Tesla jumped more than 9%, pushing its market capitalization to $415 billion. This places it among the top ten most valuable companies in the S&P 500.S&P Dow Jones Indices is well aware of the challenge of adding such a large company, and on Monday night said it was considering adding Tesla to the index in two tranches. In a departure from custom, the index provider did not announce who Tesla will be replacing.Tesla’s addition to the benchmark index further concentrates the S&P 500 among just a handful of names, which Cramer said will not sit well young investors.- Advertisement – – Advertisement – Tesla is joining the S&P 500 in December, but given the electric vehicle company’s size, adding it to the index is no easy feat, said CNBC’s Jim Cramer.“I think they’re baffled,” he said Tuesday of the index provider S&P Dow Jones Indices. “I really don’t think they know how to handle this … they can’t knock out the smallest [company from the index], it doesn’t do anything. When they balance this … they almost seem to have to make everything smaller,” he said on “Squawk on the Street.”- Advertisement – – Advertisement – “The S&P 500 is old fashioned to these people,” he said of young investors. He noted that young retail investors, who are more involved in the market than ever before, favor buying individual names that they believe will outperform. “You see a lot of these younger investors say ‘you know what I’m going to pick the best of the best, and this index doesn’t necessarily represent what I want, which is a piece of America,’” he said. “I think the younger people are not fooled … they do like ETFs, but they like to buy individual stocks that they think are going to be right, and that’s been their pattern.”Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
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DES MOINES, Iowa (AP) – Iowa egg producers who euthanized hens as a result of plummeting demand caused by the coronavirus will be eligible for government payments to cover disposal costs, a state agency announced Monday.The Iowa Disposal Assistance Program has been paying pork producers $40 for each market-ready hog they have been forced to euthanize as a result of supply chain disruptions.Thousands of hogs were killed statewide as processing plants slowed production in April and May due to coronavirus outbreaks.On Monday, the Iowa Department of Agriculture and Land Stewardship said the program would be extended for another round of funding and expanded to benefit egg producers.The department said 70 percent of Iowa egg-laying hen flocks produce for the liquid egg market, which serves restaurants and schools. Demand plummeted as a result of closures that began in March, and the price of liquid eggs dropped by 68 percent. Producers responded by reducing the size of their flocks.Egg producers will be eligible for 25 cents for each hen that they euthanized and disposed of between April 1 and July 20. They must provide proof of disposal and other documentation when they apply beginning Aug. 6.Pork producers will be eligible for payments for hogs and pigs disposed of through July 20.