AppLovin, Robinhood, and Emcor to Join S&P 500 in Major Rebalance
AppLovin and Robinhood will join the S&P 500 index starting September 22, causing their shares to rise about 7% in extended trading, as part of the index rebalancing by S&P Global.
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Index Inclusion
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Robinhood and AppLovin Stocks Drop Amid S&P 500 Exclusion
Robinhood and AppLovin stocks declined after not being included in the S&P 500 index, despite prior speculation and analyst expectations, with some controversy involving a short seller lobbying against AppLovin's inclusion.
Robinhood Shares Drop After S&P 500 Inclusion Missed
Robinhood's shares fell 6% after S&P Dow Jones Indices announced no changes to the S&P 500, dashing hopes of inclusion that had driven recent gains, highlighting the volatility around index membership expectations.
Robinhood and Others Poised for Potential S&P 500 Inclusion Amid Rebalance Speculation
S&P Dow Jones left the S&P 500 unchanged in its latest quarterly rebalancing, with Robinhood Markets experiencing a 13% rise amid speculation of potential inclusion, though shares fell 5% after hours; companies must meet certain criteria like a $20.5 billion market cap to qualify for the index.
Robinhood and AppLovin Eye S&P 500 Inclusion Amid No Rebalance Changes
Robinhood's shares have risen for six consecutive days amid speculation that it may be included in the S&P 500, a move that could attract passive investment funds. Major banks like Bank of America and Barclays have identified Robinhood as a top candidate for inclusion, which typically results in short-term gains for the stock. The announcement is expected after the market closes, and similar companies like Coinbase have seen significant gains upon inclusion.
Market Uncertainty Looms as First Republic Suffers $21 Billion Loss.
First Republic Bank's stock plunged 64% over the past two sessions after its earnings report showed a nosedive in deposits and raised further questions about its survival. Its market capitalization briefly fell below $1 billion, putting its membership in the S&P 500 Index in jeopardy. Companies must have a market cap of at least $12.7 billion to be considered for inclusion in the S&P 500. If First Republic were to be removed from the index, it could lead to additional selling pressure on the stock.