Handelsapp Robinhood Markets, Mobile App Monetization Company Applovin and Building Company EMCOR Group, will be added to the S&P 500 later this month,S&P Dow Jones Indices Shining Friday.
Robinhood will replace Caesar’s entertainment, Applovin takes the place of Marketaxess Holding and EMCOR takes the place of Enphase Energy. The changes will take effect on September 22.
The S&P 500 rehabilitation the index every three -monthly. No changes were made at the start of the most recent quarter in June.
“The changes ensure that every index is more representative of its market capitalization oak. The companies that are removed from the S&P Smallcap 600 are no longer representative of the market space of the small caps,” said the S&P Dow Jones indices.
Robinhood shares NA S&P Promotion
In the minutes after the announcement, Robinhood shares rose by 7.2%, while Applovin rose by 7.8%and Emcor, 2.7%.
Strategy, a Bitcoin company that is said to have made, was proceeded. The stock took a dive of 2.5% after the announcement.
The promotions come after Robinhood CEO and co-founder Vlad Teev de Hoop had expressed the hope that the company could soon reach the S&P 500.
“It’s hard to plan,” Tenev said during the annual shareholders’ meeting of the company in June. “I think it’s one of those things that hopefully happens.”
The S&P announcement would be the expansion of Robinhood to become a one-stop banking service, to give a boost: in March the company announced planning to launch Robinhood Banking, a service for its golden members that would include benefits, such as giving cash instead of going to the ATM.
Taxity company Uber has also received a boost: it has been promoted to the S&P 100, to replace Charter Communication, the S&P Dow Jones annuals announced.
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