Palo Alto Networks (PANW) will replace Dish Network (DISH) in the S&P 500 index, S&P Dow Jones Indices announced Friday night. PANW stock jumped to a record high early Monday.
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Dish Network will replace Cutera (CUTR) in the S&P SmallCap 600.
PANW stock will join the S&P 500 before the market open on June 20. It’s part of a quarterly rebalancing for the S&P indexes.
Palo Alto is on IBD Leaderboard and the IBD Big Cap 20.
S&P MidCap 400 Additions
Doximity (DOCS), Berry Global (BERY), BWX Technologies (BWXT), Planet Fitness (PLNT), Crown Holdings (CCK), Dropbox (DBX), Graphic Packaging (GPK), Ovintiv (OVV), ZoomInfo Technologies (ZI) and Wesco International (WCC) will join the S&P MidCap 400. These all moved straight into the Midcap 400. None are currently on the S&P SmallCap 600.
S&P SmallCap 600 Changes
Those new MidCap stocks will replace Dana (DAN), John Wiley & Sons (WLY), SunPower (SPWR), Ingevity (NGVT), Fulton Financial (FULT), Douglas Emmett (DEI), Victoria’s Secret (VSCO), Macerich (MAC), SiTime (SITM) and Navient (NAVI), which are moving down to the S&P SmallCap 600 index.
Those new S&P SmallCap 600 members will replace PetMed Express (PETS), Comtech Telecommunications (CMTL), Eagle Pharmaceuticals (EGRX), Children’s Place (PLCE), Rayonier Advanced Materials (RYAM), LivePerson (LPSN), Gannett (GCI), DMC Global (BOOM), Genesco (GCO) and Zumiez (ZUMZ).
Meanwhile, Artisan Partners Asset Management (APAM), California Resources Corp. (CRC), CarGurus (CARG), Moelis & Co. (MC), Phillips Edison & Co. (PECO), Schrodinger (SDGR) and UFP Technologies (UFPT) will also join the S&P SmallCap 600. They will replace LendingTree (TREE), Tredegar (TG), Inogen (INGN), Douglas Elliman Inc. (DOUG), Faro Technologies (FARO), Cara Therapeutics (CARA) and Big Lots (BIG).
S&P 500 Index: Track S&P News, Stocks To Watch And SPDR ETFs
Stock Reaction
Palo Alto stock rose more than 3% to 225 early Monday, after hitting a record 228.50 soon after the open. PANW stock last week cleared a 13-month consolidation. Shares have rised in above-average volume for the past seven sessions.
Among the incoming S&P MidCap components, Doximity stock leapt nearly 6% early Friday, moving above its 50-day line. Planet Fitness stock, Berry Global, BWX, Graphic Packaging rose roughly 1%-3%, but Wesco edged lower.
Among stocks dropping down to the S&P SmallCap 600, most showed fractional gains Friday. More money tracks the 600 than the 400, so dropping down to the SmallCap index from the MidCap can boost a stock price.
Among stocks joining the S&P SmallCap 600 fresh, Artisan Partners popped 3%. CarGurus, UFP Technologies and Schrodinger stock rallied as well.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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