Workday (WDAY) and Apollo Global Management (APO) will join the S&P 500 index before the open on Monday, Dec. 23, as part of quarterly rebalance. Workday stock and Apollo Global jumped Friday night. AppLovin (APP), one of the hottest stocks in 2024, fell solidly after being passed over.
Apollo and Workday will replace Qorvo (QRVO) and Amentum Holdings (AMTM). The latter two stocks will drop down to the S&P SmallCap 600 index.
Apollo stock rose 6% after hours while Workday stock jumped 8%. APO stock is essentially at highs. Workday could clear a 278.98 handle buy point from a consolidation going back to late February. Qorvo and Amentum fell slightly.
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AppLovin stock sank 4% in late trade. Shares have spiked nearly 908% in 2024. There has been speculation that the software maker would join the S&P 500.
S&P SmallCap 600 members Comerica (CMA) and Carpenter Technology (CRS) will join the S&P MidCap 400 index. Vishay Intertechnology (VSH) and Carters (CRI) will drop from the midcap index to the S&P SmallCap 600. Comerica stock and Carpenter Technology fell slightly Friday night while Vishay and Carters rose modestly.
More fund money tracks the S&P SmallCap 600 than the S&P MidCap 400, so stocks that are lifted from the 600 to the 400 will often see a decline.
Terreno Realty (TRNO) and Champion Homes (SKY) will replace Hudson Pacific Properties (HPP) and Regenxbi0 (RGNX) in the S&P SmallCap 600.
Terreno Realty and Champion Homes jumped late, while Hudson Pacific and Regenxbio fell slightly.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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