MW Palantir, Dell to join S&P 500
By Claudia Assis
American Airlines and Etsy slide to smaller-cap indexes, making room for the two IT giants
Palantir Technologies Inc. and Dell Technologies Inc. are set to join the S&P 500 index within a couple of weeks, index provider S&P Dow Jones Indices said late Friday.
Shares of Palantir (PLTR) and Dell $(DELL)$ rallied in the extended session Friday after the news, gaining nearly 8% and 7%, respectively. The announcement is part of several changes slated to take place on Sept. 23 as part of a scheduled index rebalancing.
Also joining the S&P 500 SPX, the benchmark U.S. large-cap index, is insurance company Erie Indemnity Co. $(ERIE)$
The three companies will replace American Airlines Group Inc. $(AAL)$, Etsy Inc. $(ETSY)$ and Bio-Rad Laboratories Inc. $(BIO)$ in the S&P 500.
American Airlines and Bio-Rad will slide over to the S&P MidCap 400 MID while Etsy will move to the S&P SmallCap 600 SML.
"The changes ensure each index is more representative of its market-capitalization range," S&P Dow Jones Indices said.
An index rebalancing in June saw cybersecurity company CrowdStrike Holdings Inc. $(CRWD)$, private-equity giant KKR & Co. Inc. $(KKR)$ and web host GoDaddy Inc. $(GDDY)$ join the S&P 500.
-Claudia Assis
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(END) Dow Jones Newswires
September 06, 2024 17:58 ET (21:58 GMT)
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