Amazon.com Inc.

Why Tesla Shares Spiked After Getting Added to the S&P 500: CNBC After Hours

CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Meg Tirrell runs through what we do and don't know about Moderna's 94% effective Covid-19 vaccine, and Pfizer's 90% effective candidate. Plus, CNBC.com markets reporter Pippa Stevens breaks down Tesla's addition to the S&P 500, and explains why the stock rallied today.

Covid vaccine front-runners: How much they cost, who's bought them and how they're stored

Drugmakers and research centers are scrambling to deliver a safe and effective vaccine to help bring an end to the coronavirus pandemic that has claimed over 1.3 million lives worldwide.

Two Covid-19 vaccines have been found to be highly effective in late-stage trials in recent days, boosting optimism at a time when health systems in Europe and the U.S. are once again being pushed to breaking point.

Tesla stock jumps on carmaker's addition to the S&P 500

Tesla is finally joining the S&P 500.

S&P Dow Jones Indices announced on Monday that the carmaker will be added to the benchmark index prior to trading on Monday, Dec. 21. Based on Monday's closing prices, Tesla would be one of the 10 most valuable companies in the index.

Tesla shares spiked more than 13% in extended trading on the news, as money managers with funds that track the S&P 500 will need to buy the stock for their portfolios.

Amazon jumps into the pharmacy business with online prescription fulfillment, free delivery for Prime members

Amazon is entering the pharmacy business with a new offering called Amazon Pharmacy, allowing customers in the United States to order prescription medications for home delivery, including free delivery for Amazon Prime members.

Amazon has been quietly building out its pharmacy offering for several years after ramping up internal discussions in 2017 and acquiring PillPack in 2018. The pharmacy space is notoriously complex and competitive in the U.S., and Amazon Pharmacy is built in part on PillPack's infrastructure, including its pharmacy software, fulfillment centers, and relationships with health plans.

Amazon Pharmacy, announced on Tuesday, is Amazon's biggest push yet into $300 billion market, and threatens the dominance of traditional pharmacies like CVS and Walgreens, as well as other large retailers that offer pharmacy services, including Walmart.

Copyright CNBCs - CNBC
Contact Us