Twitter to Join S&P 500
June 04 2018 - 7:06PM
Dow Jones News
By Aisha Al-Muslim
Twitter Inc. is slated to join the S&P 500 before trading
opens on Thursday, according to S&P Dow Jones Indices, as the
social-media platform replaces Monsanto Co. on the widely watched
index.
Twitter is supplanting Monsanto as the agricultural company is
due to be acquired by German pharmaceutical and chemical
conglomerate Bayer AG in a deal expected to be completed soon. The
move also means mutual and exchange-traded funds that track the
S&P 500 will have to add Twitter to their holdings.
S&P said Netflix Inc. will replace Monsanto on the S&P
100. Netflix, founded in 1997, closed Monday trading with a market
capitalization of $157.28 billion.
It is unusual that S&P included Twitter in the S&P 500
because companies are supposed to have four straight quarters of
positive as-reported profits. In April, the social-media company
reported its second consecutive profitable quarter after 16
straight quarters of losses. Twitter has said it expects to be
profitable for the full year.
Shares of Twitter rose 3.6% to $39.24 in after-hours trading,
while Netflix shares rose 0.2% to $362.69.
Separately Regenxbio Inc., a clinical-stage biotechnology
company, will replace General Cable Corp. in the S&P SmallCap
600. Prysmian Group is acquiring General Cable in a deal expected
to be completed soon.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
June 04, 2018 18:51 ET (22:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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