Uber's and Jabil's stock to join the S&P 500
By Claudia Assis
Uber's stock rallies 5% after the news
Shares of Uber Technologies Inc. and Jabil Inc. rose in the extended session Friday after S&P Dow Jones Indices said the stocks will join the S&P 500 index in a little over two weeks.
Shares of ride-hailing company Uber (UBER) and components maker Jabil, as well as shares of the building-materials manufacturer Builders FirstSource Inc. (BLDR), will move to the S&P 500 SPX from the S&P MidCap 400 index MID. They replace Sealed Air Corp. (SEE), Alaska Air Group Inc. (ALK) and SolarEdge Technologies Inc. (SEDG) shares in the index.
A place in the S&P 500 index is a coveted spot for companies. It brings their shares to a much broader range of investors, as well as to passive funds and actively managed funds that may have limitations to where they can invest.
S&P Dow Jones said that the changes, part of a routine rebalance, will be effective at market open on Monday, Dec. 18. The tweaks "ensure each index is more representative of its market-capitalization range," the index provider said.
Jabil earlier this week lowered its quarterly and fiscal 2024 revenue outlook, saying demand for its products and services has softened. Uber last month reported third-quarter earnings above Wall Street expectations.
Friday's changes also included Houlihan Lokey Inc. (HLI) and Equitable Holdings Inc. (EQH) moving to the midcap index, replacing Topgolf Callaway Brands Corp. (MODG) and Vestis Corp. (VSTS). Topgolf and Vestis will move to the S&P SmallCap 600 index SML.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
12-01-23 1809ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
4 New Stocks to Buy With Catalysts for Future Gains
-
Markets Brief: Q2 Earnings Season Begins With the Banks
-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
The 10 Best Dividend Stocks
-
3 Smaller-Company Stocks the Best Fund Managers Are Buying
-
SolarEdge Stock Is Down 74% In 2024. Is It a Buy or a Sell?
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities