ELF Beauty will join the S&P MidCap 400 index, replacing Spirit Realty Capital, S&P Dow Jones Indices announced Wednesday night. Coal miner Peabody Energy Corp. will replace ELF stock in the S&P SmallCap 600 index.
ELF Beauty fell 4.1% to 156.38 on Thursday, but off session lows. BTU stock jumped 9.3%, rebounding above its 50-day moving average.
The changes will take place before the open on Jan. 23. Realty Income is acquiring Spirit Realty around that date.
Why is ELF stock falling on the promotion? More mutual funds and ETFs track the S&P SmallCap 600 than the S&P MidCap 400.
ELF Beauty is on IBD Leaderboard.
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