Palo Alto Networks will replace Dish Network in the S&P 500 index, S&P Dow Jones Indices announced Friday night. PANW stock jumped to a record high early Monday.
Dish Network will replace Cutera 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.
Palo Alto is on IBD Leaderboard and the IBD Big Cap 20.
S&P MidCap 400 Additions
Doximity, Berry Global, BWX Technologies, Planet Fitness, Crown Holdings, Dropbox, Graphic Packaging, Ovintiv, ZoomInfo Technologies and Wesco International 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, John Wiley & Sons, SunPower, Ingevity, Fulton Financial, Douglas Emmett, Victoria's Secret, Macerich, SiTime and Navient, which are moving down to the S&P SmallCap 600 index.
Those new S&P SmallCap 600 members will replace PetMed Express, Comtech Telecommunications, Eagle Pharmaceuticals, Children's Place, Rayonier Advanced Materials, LivePerson, Gannett, DMC Global, Genesco and Zumiez.
Meanwhile, Artisan Partners Asset Management, California Resources Corp., CarGurus, Moelis & Co., Phillips Edison & Co., Schrodinger and UFP Technologies will also join the S&P SmallCap 600. They will replace LendingTree, Tredegar, Inogen, Douglas Elliman Inc., Faro Technologies, Cara Therapeutics and Big Lots.
S&P 500 Index: Track S&P News, Stocks To Watch And SPDR ETFs
Stock Reaction
Palo Alto stock jumped 4.4% to 226.79 on Monday, hitting a record 230.18 intraday. Shares of the cybersecurity giant have cleared a 13-month consolidation, rising in above-average volume for the past eight sessions.
Among the incoming S&P MidCap components, Doximity stock climbed 2.8%, moving above the 50-day line but well off early highs. Planet Fitness stock popped 3.6%. Berry Global, BWX, Graphic Packaging and Wesco rose roughly 1%-2.5%.
Among stocks joining the S&P SmallCap 600 fresh, Artisan Partners climbed 3.3%. CarGurus popped 4.5%, UFP Technologies rose 1% and Schrodinger stock leapt 7%.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
