Shares of Under Armour remained largely unchanged Monday on their first day of trading after S&P Dow Jones Indices said it plans to remove the Baltimore-based athletic apparel maker from the widely followed S&P 500 stock market index.
Under Armour will be deleted from the index before the start of trading June 21 and be added to the S&P MidCap 400, S&P Dow Jones said Friday. The S&P 500 tracks performance of 500 large companies listed on U.S. stock exchanges.
The changes are being made to “ensure each index is more representative of its market capitalization range,” S&P Dow Jones said in an announcement.
