Half-naked male models are out and like buttons are in, at least if you ask investors.
S&P Dow Jones announced after market close today that Facebook will join the S&P 500 and 100 indexes. At the same time, S&P revealed that Abercrombie & Fitch Co. will be dropped from the S&P 500. The changes will take effect at the close of trading Friday.
Although the addition was not totally unexpected, shares of the social media giant were up 4.3% to $51.50 in after hours trading following the news. Facebook shares have gained 31.4% since it's infamously rocky market debut. The stocked struggled in October after the company revealed it had seen a drop in teen usage but has picked up steam in recent weeks.
Once adolescents' store of choice, Abercrombie has fallen out of favor with shoppers and investors. Shares were down 1.7% to $32.70 following the news of its ouster. Shares are down 28.9% year-over-year while the S&P 500 is up 26%. The retailer will join the S&P MidCap 400.
Facebook will replace The Williams Companies in the S&P 100 and Terdyne in the S&P 500.
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