AppLovin stock fell Monday after failing to get added to the S&P 500 during the index's quarterly rebalancing. APP stock skidded nearly 15% on the news.
"The biggest momentum name in the market is having its worst day in months after not being included in the S&P 500," Daniel O'Regan, managing director of equity trading at Mizuho Securities, said in an intraday client note on Monday.
Instead of AppLovin, the S&P 500 late Friday chose to include Workday and Apollo Global Management.
On the stock market today, AppLovin stock dropped 14.7% to close at 342.54. On Friday, AppLovin stock notched a record high of 417.64. Through Friday's close, APP stock was up 908% for the year.
Meanwhile, Workday rose 5.1% on Monday to close at 279.91. Apollo spiked 6.5% to an all-time high of 189.41 in morning trades but ended the regular session down 3% to 172.47.
AppLovin's software platform enables app developers to market, monetize and analyze their apps. The Palo Alto, Calif.-based company also makes mobile games such as "Wordscapes," "Matchington Mansion" and "Game of War."
AppLovin is on two IBD stock lists: Big Cap 20 and Tech Leaders.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
