Seven stocks in the S & P 500 tend to rise alongside Tesla shares, according to an analysis of recent data by CNBC Pro . The U.S.-listed stocks are cybersecurity and networking gear maker Juniper Networks , digital storage firm Seagate Technology , software developer Tyler Technologies , pharmaceutical and biotech companies Regeneron Pharmaceuticals , Vertex Pharmaceuticals and Illumina , and pet health care company IDEXX Laboratories . The share price performances of these S & P 500 stocks were highly correlated to Tesla’s last month. However, unlike Tesla’s more than 30% plunge this year, these stocks have either remained flat or have relatively modest negative returns. Tesla shares jumped in after-hours trading Tuesday after CEO Elon Musk told investors that production of new more affordable EV models could begin sooner than expected. It came after the company revealed a 9% drop in first-quarter revenue, the biggest decline since 2012, and missed analysts’ estimates, as the electric vehicle company weathers the effect of ongoing price cuts. In the tables below, a value of one in the correlation column means that as Tesla’s stock moved, either up or down, the share price of the companies listed moved in lockstep. A correlation of zero would indicate no statistical link between the EV automaker’s stock and the share price of the seven companies. Correlated returns in the past do not indicate causation or guarantee future returns or price action patterns. CNBC Pro’s analysis used the Pearson correlation coefficient, the most common way of measuring a linear correlation between two variables — in this case, stock prices. CNBC’s calculations only measure the direction and size of daily price action. Longer-term returns are not considered. The consensus upside potential for the stocks listed above was derived from FactSet’s poll of analysts covering each stock. — CNBC’s Lora Kolodny contributed to this report.
