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When Tesla shares rise — these 7 stocks have tended to rise too, according to recent history

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NVIDIA Corp,Brown-Forman Corp,Electronic Arts

CNBC Pro screened for stocks that were correlated to Tesla's over recent weeks.

Seven stocks in the S & P 500 tend to rise alongside Tesla shares, according to an analysis of recent data by

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.

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. '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. —

's Lora Kolodny contributed to this report.Ganesh Rao

 

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