App marketing platform AppLovin will join the Nasdaq 100 index before the open on Monday, Nov. 18, Nasdaq announced late Friday. It'll replace specialty discounter Dollar Tree. AppLovin stock fell solidly Monday morning.
Last week, APP stock skyrocketed 77.3%, bringing its year-to-date gain to nearly 628%. Late Wednesday, AppLovin reported blowout earnings growth of 317% while also guiding up on the current fourth quarter.
Dollar Tree stock lost a fraction late Friday. Shares tumbled 7.8% last week, hitting a nine-year low. On Nov. 4, the discounter said that Rick Dreiling had stepped down as chairman and CEO, effective Nov. 3.
The Nasdaq 100 includes the Nasdaq's 100 largest nonfinancial companies. Some mutual funds and ETFs track the Nasdaq 100, but the money involved is not nearly as much as with the S&P 500 index. So stock moves related to entering or leaving the Nasdaq 100 could be relatively low.
However, APP stock fell 5% Monday morning after rising solidly before the open. DLTR stock lost a fraction.
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