Palo Alto Networks To Join S&P 500; PANW Stock Jumps

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.

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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

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).

Stock Reaction

Palo Alto stock jumped 5.6% to 229.39 in Friday night trading. PANW stock had hit a record high in Friday’s regular session. Shares of the cybersecurity giant have cleared a 13-month consolidation, rising in above-average volume for the past seven sessions.

Among the incoming S&P MidCap components, Doximity stock climbed 2.85% late Friday, signaling a move above its 50-day line. Planet Fitness stock popped 4%. Berry Global, BWX, Graphic Packaging and Wesco rose roughly 2%-3%.

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 jumped 7%. CarGurus, UFP Technologies and Schrodinger stock rallied 4%-5%.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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