Lululemon Athletica will join the S&P 500 index before the open on Wednesday, Oct. 18. LULU stock surged Monday, breaking out of a base.
Lululemon will replace Activision Blizzard in the S&P 500, S&P Dow Jones Indices announced Friday night. Microsoft closed its $69 billion takeover of Activision on Friday after a lengthy regulatory fight.
LULU stock soared 10.3% to 416.64, gapping above the 50-day moving average and clearing a 406.94 flat-base buy point, according to MarketSmith.
Hubbell Stock To Join S&P 500
Electrical company Hubbell also will join the S&P 500 index, moving up from the S&P MidCap 400. HUBB stock will replace Organon, which will drop down to the S&P SmallCap 600 index. Chip-equipment maker Onto Innovation will move up from the SmallCap 600 to the MidCap 400.
HUBB stock rose 3.1% to 304.03 on Monday. Shares tumbled 4.75% on Friday, just undercutting the bottom of a flat base.
OGN stock sank 2.7% after tumbling to record lows last week.
ONTO stock tumbled 6.35% to 129.33 on Monday. Stocks often fall when moving up from the S&P SmallCap 600 to the MidCap 400, because fewer funds track the latter. Onto Innovation fell 3.45% on Friday, dropping back below the top of a short consolidation. ONTO stock still rose 2.5% for the week.
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