Super Micro Computer and Deckers Outdoor are set to join the S&P 500 index as announced by S&P Dow Jones Indices after the market closed on Friday. The two companies will be replacing Whirlpool and Zions Bancorp, which will be moving to the S&P MidCap 400 index in the upcoming changes.
Index Swap
In this exchange, Super Micro and Deckers Outdoor will be leaving the S&P MidCap 400 index to take their place in the S&P 500 index. These adjustments are scheduled to occur before the opening of trading on March 18, coinciding with the quarterly rebalance of the indexes. S&P Dow Jones Indices explained that the market values of these companies better align with their new indexes.
Company Highlights
Super Micro, known for its servers utilized in artificial intelligence applications, has seen significant growth in its stock value this year. Shares of the company have more than tripled, closing at $905.48 in regular trading on Friday and reaching $936 after hours with a 3.4% increase.
Surpassing $50 billion in valuation, Super Micro has been a major contributor to the S&P MidCap 400 index’s gains and holds a significant position in the Russell 2000 index. As it transitions to the S&P 500 index, it is expected to become one of the larger companies within the index.
Deckers, recognized for brands like Ugg and Hoka sneakers, boasts a valuation of around $22 billion. The company has seen a 35% increase in its shares this year, closing at $903.29 in regular trading on Friday and rising by 1.3% post-market.
On the other hand, Whirlpool and Zions, valued at approximately $6 billion each, will be exiting the S&P 500. Whirlpool experienced a 0.9% dip to $105.85 in after-hours trading, while Zions saw a 2% decline to $38.
These changes mark significant movements within the indices and reflect the evolving landscape of the market.